Goldman Sachs Metals Head Says Gold's Bull Run Has Paused, Not Ended

Tony Kim, Goldman Sachs' global head of metals trading, said on the bank's The Markets podcast, reported by Ecoiran on Sunday, September 6, 2026 (15 Shahrivar 1405), that gold's 2026 rally has hit an extended pause rather than the end of its bull market. He attributed the pause to two short term factors: uncertainty over Federal Reserve policy following Kevin Warsh's nomination to chair the central bank, and the Iran-US war, whose disruption to energy, agriculture and metals markets is also reshaping inflation and central bank reserve flows.

Kim said annual central bank gold purchases, previously around 400 to 500 tonnes, have risen to about 1,000 to 1,100 tonnes a year, while annual mine output is roughly 3,500 tonnes, a shift he said absorbs a much larger share of new supply and means a fresh price rally would not require a huge wave of new capital.