Incrementum AG has increased its long-term gold price target to $8,900 per ounce by the end of the decade, citing a "remonetization" trend driven by geopolitical fragmentation and declining trust in fiat currencies. According to the annual "In Gold We Trust" report, gold's role as a critical monetary asset is solidifying, with prices reaching a historic high of $5,595 per ounce in January 2026 after a 64.4% rise in 2025. The report highlights that central banks' demand for gold, which saw purchases of over 1,000 tons annually for three years, signals a shift in the global monetary order. Incrementum's analysts suggest that gold is increasingly viewed as a neutral reserve asset, with institutional participation still limited. They anticipate a shift in demand from central banks to investors, driven by rising sovereign debt and deteriorating real returns on government bonds.