Gold has continued to hit new all-time highs this year, leading many to question whether it has already reached the top. However, from the perspective of actual allocations in the US market, the story may just be beginning.

According to the latest research data, the holdings of US gold ETFs remain below the levels seen in 2012, indicating that the long-standing allocation gap has not yet been filled. Looking at these figures from another angle: as of the second quarter of this year, gold ETFs accounted for only 0.17% of private financial assets in the US, almost negligible within the approximately $112 trillion stock and bond asset pool.

Institutional attitudes are similarly cautious. Among large institutions with assets exceeding $100 million, less than half have allocated to gold ETFs. Those that have already entered the market mostly hold between 10 and 50 basis points. What does this level of allocation reflect? It precisely indicates that the current rise in gold is not a bubble top, but a structural opportunity unfolding under a low-allocation pattern. From this perspective, the real market trend is far from over.