As gold price continues to strengthen past key technical barriers, investors face a critical distinction: is this primarily tactical hedging demand, or does it signal a fundamental shift in portfolio allocations? The answer lies in monitoring two key indicators that matter more than spot price alone. ETF inflows provide direct visibility into institutional positioning—when inflows accelerate alongside price gains, it suggests broader adoption beyond traders. Equally important, tracking real yields offers context for valuation. When real yields decline significantly, gold price typically responds positively, reflecting lower opportunity costs for holding non-yielding assets. The recent price action warrants close attention to these flows and yield trends. If both confirm upward momentum, we could be witnessing the early stages of a meaningful asset reallocation rather than just a tactical bounce. Current market conditions in early 2026 present an ideal backdrop for testing which narrative holds true.