Gold’s remarkable few years might have more to go as government profligacy raises structural inflation risks and increases the likelihood sovereigns are tempted to switch the proverbial printing presses back on.

Central banks have been a pivotal driver of gold’s recent rally as stubborn inflation, and the weaponization of the dollar against those who incur America’s displeasure, encourage reserve diversification.

The metal is overbought, however, and could face a correction in the nearer term.