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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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
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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