Central banks are still buying the gold crash
Central banks officially reported buying 16 tonnes of gold last quarter.
The World Gold Council’s physical tracking suggests the real number may be closer to 244 tonnes.
That is a massive gap.
Western investors saw the gold crash and sold the headline. Central banks saw the same crash and bought the reserve asset they cannot have frozen, switched off, or blocked by another government.
The weak hands set the price in the short term.
The strong hands may be setting the direction.