Gold has been continuously hitting historical highs this year, causing many to question whether it has reached its peak. However, looking at the actual allocation situation in the US market, the story may just be beginning.

According to the latest research data, US gold ETF holdings remain below 2012 levels, meaning the long-standing allocation gap has not been closed. Looking at these figures from another angle: as of the second quarter this year, gold ETFs represent only 0.17% of US private financial assets, which is almost negligible in the roughly $112 trillion pool of stock and bond assets.

Institutional attitudes are equally conservative. Among large institutions with assets exceeding $100 million, less than half have allocated to gold ETFs, and those institutions that have already invested typically hold positions in the range of 10 to 50 basis points. What does such an allocation level reflect? It precisely indicates that the current gold rally is not at a bubble peak, but rather a structural opportunity unfolding under an underallocation landscape. From this perspective, the truly significant market move is far from over.