The reasons for owning gold therefore have not changed, and demand is beginning to reflect that. Expect price to follow...

Managed Money gross longs were probably a key driver of the recent spike...

The bond market is indeed everything, and what it is telling you far more honestly than the Fed or BoJ is that your fiat money is consistently losing absolute purchasing power in plain sight...

...official demand for gold has now risen to a new record of USD 45 bn in the second quarter.

Central banks were the only major buyer to increase bullion holdings in the second quarter from the prior period...

China is building a financial neighborhood in which physical gold is easier to store, trade and use – while reducing reliance on institutions and payment systems outside its control...

When confidence erodes, collateral suddenly matters again...

The prospect of swelling sovereign bond issuance is also reviving its appeal as a hedge against the risk that governments will inflate away their debt burdens...

...rock beats paper!

In May, central bank bought a whopping 81 tonnes of gold, with China the largest identifiable buyer at 48 tonnes, which was the biggest monthly total in over a year.

...the question of “sound money” was never purely academic in nature but has always been of central importance for economic stability and social order...

...nothing has changed about why they buy.

"Gold’s break below key technical support of 4050 to the 4023 low in New York trading appeared driven primarily by stop-loss liquidation and positioning rather than a material deterioration in macro fundamentals" - UBS

The gold market is showing signs of capitulatory selling as the last shorter-term traders exit, paving the way for a more stable rally...

When your economy runs on oil exports that don’t get delivered or you can’t afford the soaring fuel prices, you cash in your insurance policy…gold...

“The one pillar which remains strong is central bank demand, and we expect this to be the case for some time to come...”

...the silver bull market still has years to run. Maybe even another decade...

China gold imports hit 163 tons last month, the highest since March 2024. In the first five months of 2026, China imported a total of 692 tons, up by about 76% from the same period last year. 

...gold price views remain structurally constructive but tactically cautious with near-term downside risk and medium-term upside risk...

Central banks remain very positive on gold, highlighting its significance amid a volatile geopolitical and economic environment...