Societe Generale analysts Michael Haigh and Jeremy Sellem report that the gold market in 2026 is experiencing a broad-based bull run, characterized by strong participation across ETFs, futures, and options markets [1]. The analysts note that this phase of the bull market is defined less by speculative momentum and more by structural conviction among a wide range of market participants, including retail investors, professional money managers, and derivatives traders [1].
A key data point highlighted is the substantial net inflow of 201 tonnes into gold ETFs in August, which marks the third-largest monthly addition on record in tonnage terms. This inflow is surpassed only by the inflows seen in February 2009 and March 2020, which were associated with major global events, and exceeds the inflows recorded in March 2022 and September 2012 following significant geopolitical and monetary policy developments [1].
In the futures market, money managers' net positioning reached the second-largest long exposure on record in notional terms, only behind January 2026 when gold prices hit an all-time high of $5,400 per ounce. Notably, the current exposure is significant even though prices are approximately $1,000 per ounce lower than the January peak, indicating that the scale of investment is not solely driven by price increases [1].
Options market data further supports the bullish outlook, with investors pricing near-term uncertainty through puts while steadily building call exposure for longer maturities. This pattern is consistent with a constructive medium-term outlook for gold, according to the analysts [1].
CONCLUSION
Societe Generale's analysis points to a robust and broad-based gold bull market in 2026, underpinned by record ETF inflows and strong futures and options positioning. The market's structural conviction suggests continued investor confidence in gold's medium-term prospects.