Gold remains one of the largest asset classes globally, yet its small share of Western portfolios creates a supply constraint. Even modest inflows from nervous bond investors could trigger a sharp price rise, as the market struggles to absorb significant capital. Shanghai shoppers browse gold products, highlighting the metal's persistent demand.

This niche status means investors allocating relatively small amounts could see outsized returns compared to broader equity markets. The disparity between gold's massive total valuation and its limited portfolio presence suggests significant upside potential for those who enter the sector early.