The Countries That Mine Gold Are Keeping It
Laos wants its gold refined domestically through a new state bullion bank. Indonesia's taxing gold exports up to 15% starting this year. Madagascar's central bank buys directly from domestic miners. China restricts exports outright.
I think this genuinely changes what "gold supply" means, tbh. For years, the bull case was about who wanted to buy gold. This is different, producing nations increasingly refusing to let their own gold leave in the first place.$XAUT
The dollar's share of global reserves has fallen to 57%, down more than five points since 2022. 84% of central banks surveyed expect gold's share of reserves to keep growing.
Not calling this a shortage yet. Just noting less gold reaching international markets from the production side is a genuinely different pressure than central-bank buying alone.
Laos wants its gold refined domestically through a new state bullion bank. Indonesia's taxing gold exports up to 15% starting this year. Madagascar's central bank buys directly from domestic miners. China restricts exports outright.
I think this genuinely changes what "gold supply" means, tbh. For years, the bull case was about who wanted to buy gold. This is different, producing nations increasingly refusing to let their own gold leave in the first place.$XAUT
The dollar's share of global reserves has fallen to 57%, down more than five points since 2022. 84% of central banks surveyed expect gold's share of reserves to keep growing.
Not calling this a shortage yet. Just noting less gold reaching international markets from the production side is a genuinely different pressure than central-bank buying alone.