Gold acting as the commodity version of a 'meme stock' – Winhall Risk

28th April, 2026

Zak Jakubowski

Gold is increasingly being driven by momentum and investor flows rather than fundamentals, raising questions about its role as a macro hedge, according to market participants.

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Bank of America
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ABN AMRO
Bank of America
CBOE
Citi
Goldman Sachs
DRW Holdings
HSBC
J.P Morgan
Marex
Morgan Stanley
SGX
SocGen
Susquehanna
MUFG Investor Services
TP ICAP

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