[Deutsche Bank: Gold in the Fifth Explosive Phase Since 1979, Fair Value Points to $4,700 to $5,100] Deep Tide TechFlow reports, according to Tide Research, Deutsche Bank's August 13 research report indicates that gold is currently in its fifth explosive price phase since 1979. This phase, which began in August 2024, has lasted approximately 24 months to date, with a peak BSADF statistic of 3.29. The current rally is driven by the combined factors of central bank gold purchases, de-dollarization, geopolitical risks, and expectations of interest rate cuts. Deutsche Bank notes that the core difference between this phase and the previous four explosive phases (1980 Soviet invasion of Afghanistan, 2008 subprime mortgage crisis, 2011 European debt crisis, and 2020 pandemic shock) lies in the shift of driving forces from inflation or crisis-driven factors to the structural behavior of central bank gold purchases. The report estimates that the baseline scenario for gold's fair value points to $4,700 to $5,100 per ounce. The basic model shows the current fair value at approximately $4,700, suggesting about 20% upside potential from current prices. Central bank gold purchases have increased sixfold since Q3 2022 compared to the 2016–2021 levels, with roughly half of official gold purchases not reported in IMF data. This "unreported demand" remains at elevated levels. Global gold ETFs have seen a 30-day rolling inflow of approximately 1.5 million ounces, with Asian buyers continuing to increase their holdings. The gold-silver ratio remains high, but the physical shortage of silver is easing, though signals of correction remain unclear.