Gold is having one of those years when almost every explanation seems to be true at the same time. It has been one of the great trades of 2026, then suddenly looked horribly expensive, then fell sharply, while some of the biggest buyers in the world simply carried on buying it. The usual gold story — lower rates, weaker dollar, inflation fears, geopolitical anxiety — is still there, but it no longer seems big enough to explain what is actually happening.