Deutsche Bank precious metals strategist Michael Hseuh stated that the "explosive upside phase" for gold prices, which began in August 2024, has not yet ended, and maintained his forecast of $4,600/ounce for gold by Q4 2026. This judgment is based on a triple framework of a fair value model, statistical tests, and official demand data, and responds to the Bank for International Settlements (BIS)'s previous warning in December 2025, which characterized the gold market as being in a "bubble state." The report indicates that official gold demand reached a record high of $45 billion in Q2 2026, providing structural support for gold prices.