6 Jul 2026

Central banks just doubled their gold buying in a single month.

The World Gold Council reported net central bank gold purchases of 41 tonnes in May, more than double April's 19 tonnes. Poland was the biggest buyer, adding 18 tonnes in May, bringing its 2026 total to 64 tonnes. Its reserves now stand at 614 tonnes. China added 10 tonnes, its biggest monthly purchase since December 2024 and its 20th straight month of buying. Total Chinese reserves now sit at 2,331 tonnes. Turkey was the only major seller, offloading 3 tonnes in May, extending its 2026 net sales to 81 tonnes as it draws on reserves to defend the lira. The 2026 Central Bank Gold Reserves Survey shows 89% of central banks expect global gold reserves to increase over the next 12 months. A record 45% plan to increase their own holdings. Gold gained +2% last week after four straight weekly declines but remains -25.4% below its peak. Source: Bull Theory

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