Gold correction has reset the market, but MKS' Shiels still sees $4,500 average price in 2026

MKS PAMP says gold’s sharp pullback from record highs is unlikely to signal the end of its secular bull market, urging investors not to extrapolate the selloff into a long-term trend break. The note is positioned as a sentiment/positioning reset rather than a change in fundamentals, implying limited near-term price impact.

Analysis

MKS PAMP says gold’s sharp pullback from record highs is unlikely to signal the end of its secular bull market, urging investors not to extrapolate the selloff into a long-term trend break. The note is positioned as a sentiment/positioning reset rather than a change in fundamentals, implying limited near-term price impact.