Gold has been on a historic run, but most big investors still barely own any. That’s the main point Lukas Ekwueme highlighted in a recent post.
He noted that even though the gold price keeps hitting record highs, the average portfolio manager only holds about 1.9% in gold.
His tweet compares that to much larger allocation targets suggested by major financial voices. Ray Dalio has said investors should hold 5% to 15% in gold. Morgan Stanley has floated closer to 20%, and Bank of America has even argued that 30% could make sense.
The image makes the imbalance clear. Hedge funds hold around 3%, family offices sit near 2.2%, and pension funds are even lower at about 1.3%. The “average” across managers remains stuck below 2%.
So even with the gold price at record highs, most traditional portfolios still treat it as a small side position, not a core holding. That is why Lukas argues this bull market may not be finished, because major allocators have not fully stepped in yet.
Gold is at the heart of modern portfolio construction.
— Lukas Ekwueme (@ekwufinance) February 15, 2026
– Ray Dalio: Investors should have a 5–15% gold allocation
– Morgan Stanley: It should be more like 20%
– Bank of America: Nah, 30% is rational
– Average portfolio manager: I am at 1.9%
Despite gold’s record price rally,… pic.twitter.com/FzVwChm7er
Central Banks Are Still Driving the Gold Rally
Coin Bureau Finance, a YouTube channel with 46.5K subscribers, pointed out that central banks have become the strongest long-term force in the gold market.
He said that the central bank purchases have doubled over the past few years, from 500 tons per year to over 1,000 tons per year, and this level of demand has contributed to the rise of gold to new record highs.
The Gold price actually hit a high of $5,600 per ounce before retreating sharply, and this is how quickly prices can move when positioning becomes crowded.
Central banks are buying gold because it’s one of the few reserve assets that doesn’t depend on another country’s promise. In today’s tense global climate, that kind of neutrality matters a lot more.
Gold Price Prediction: Key Levels to Watch Next
Gold is sitting around $5,014 today, having retreated from the high of $5,600.
The important level to watch is $5,000. If gold can manage to remain above that, then a return to $5,600 is still possible.
If it manages to break through $5,600, then the next target would obviously be $6,000. But if the gold price drops under $5,000, the next area to watch is closer to $4,600–$4,700, where buyers usually start showing up again.
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