“These forecasts have been abysmal. My dots wouldn’t be perfect either, so I wouldn’t give them.”
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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
USD/JPY surged to a fresh 40-year high of 162.84 before plunging to 160.90 within hours. A 1.2% intraday reversal in one of the world's most liquid currency pairs is highly unusual. It mirrors what happened in April and May, when Japanese authorities spent roughly $72–73 billion selling U.S. dollars and buying yen to slow the currency's collapse. The pattern looks strikingly familiar: • New multi-decade high. • Sudden, aggressive reversal. • Speculation of official intervention. There has been no official confirmation yet. But the speed and magnitude of the move are exactly what markets expect when Tokyo steps in. Even after the sharp rebound, the yen remains close to its weakest level in four decades, keeping pressure on policymakers as imported inflation rises and global markets watch for their next move. Source: Bull Theory
The Fed turned hawkish, when inflation rolled over. Source: Andreas Steno Larsen @AndreasSteno

