🥇 Gold Buying May Be Underreported
World central banks bought +44 tonnes of gold in July, 158% above the pre-2022 average of +17 tonnes, according to Goldman Sachs.
The 3-month average rose to +91 tonnes, near its highest since mid-2025. The 12-month moving average has stayed between +50 and +60 tonnes in recent months.
Official data showed only +23 tonnes purchased in July, 21 tonnes below actual levels. Official monthly purchases have not topped +60 tonnes since November 2024, suggesting central bank gold demand may be far greater than reported.
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🥇 Gold Buying May Be Underreported World central banks bought +44 tonnes of gold in July, 158% above
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