Central Banks Can't Get Enough
Central banks added another 290 tonnes in the first quarter alone. China has been the headline buyer, but Turkey, India, Poland, and emerging-market players are all stacking bars at a pace we haven't seen since the 1960s.
Why now? Diversification away from U.S. Treasuries in a world where weaponized finance has become the norm. Frozen Russian reserves set the precedent.
Gold is neutral, liquid, and nobody can freeze it. It's the ultimate insurance policy.
Geopolitical Hedging Goes Mainstream
From ongoing tensions in the Middle East to trade frictions and great-power competition, the world feels riskier. Gold thrives in exactly this environment.
When real yields are volatile, inflation sticky, and safe-haven assets like Treasuries lose luster (thanks to ballooning deficits), gold steps in.
Retail flows are picking up via ETFs, but the real weight comes from institutions quietly rotating into the metal as portfolio ballast.
De-Dollarization Gains Traction
BRICS nations aren't just talking about alternatives — they're acting. Bilateral trade in local currencies is expanding, RMB internationalization is accelerating, and gold is the neutral settlement asset.
The share of USD in global reserves has been sliding for years, and gold's share is rising in lockstep.
Every headline about new BRICS payment systems sends another ripple through the market. It's a slow structural shift creating persistent bid for physical metal.
Bottom Line
Gold breaking out isn't a fluke. It's central bank buying on steroids, rational hedging against geopolitical messiness, and early-stage de-dollarization playing out in real time.
This move has legs. Supply is constrained — mine production is flat. We've been adding exposure selectively. In uncertain times, a little insurance goes a long way.