This year's gold performance has been remarkable, breaking through the $4,500 mark and just one step away from the all-time high. Many analysts predict that by 2026, gold prices could surge to $5,000. What does this reflect? Turbulent geopolitical situations combined with concerns over an AI bubble are accelerating the flow of safe-haven funds.

Looking back at previous gold bull markets, the pattern is clear: sluggish economic growth, central banks cutting interest rates, a weakening dollar, and high inflation—when these conditions stack up, gold tends to surge. Many of these conditions are already present today.

The outlook for 2026 is even more promising. Trump is pressuring the Federal Reserve to cut rates significantly, with expectations that interest rates could fall below 1%. Meanwhile, the US unemployment rate is rising, and the market is beginning to question whether the hype around AI concepts, humanoid robots, and commercial space sectors can truly sustain such high valuations. Japan's rate hikes are also suppressing the dollar, while global central banks are accelerating their "gold hoarding"—all signals of rising risk aversion.

What do institutions think? JPMorgan is betting on gold prices reaching $5,000, while Morgan Stanley's target is $4,800. Interestingly, industry giants like Luoyang Molybdenum, Zijin Mining, and Jiangxi Copper have recently been aggressively acquiring gold mining assets. Large gold deposits have been discovered in Liaoning, Hunan, and other regions, rapidly increasing global gold reserves.

The question is, who will profit the most from this round of opportunities? How much potential do gold mining companies have? Are Zijin, Chifeng, and these former ten-bagger stocks gaining their opportunities from increased production or rising gold prices? If gold prices surge again in 2026, where will the next gold frenzy ignite?