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Chris Brycki: There's no gold bubble -- this is the start of a regime change
By Chris Brycki
Australian Financial Review, Sydney
Tuesday, February 3, 2026
Gold briefly touched $7900 an ounce in Australian dollars last week before pulling back to about $6700 on Monday.
Even after the recent volatility, gold is still up about 150 per cent on the same time three years ago.
This isn't a short-term bubble. It is the start of a regime change.
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Despite the recent speculative overshoot, most investors have been left completely off guard. Most asset allocators, most superannuation funds and most individual investors have barely noticed. Many still hold little or no gold.
This hasn't been a harmless oversight; it's been an expensive one.
Australia's superannuation system now holds about $4.2 trillion. If just 10 per cent of that pool had been allocated to gold over the past three years, members would be more than $500 billion better off today.
That's not a rounding error. It's about 15 per cent added to every super member's balance and one of the largest missed opportunities in modern Australian investing.
The uncomfortable question is why.
Gold was dismissed because it doesn't pay income. Because interest rates were rising. Because consultants argued that private credit and unlisted assets were more sophisticated defensive assets.
All of those arguments have been wrong. ...
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