The official reserve data for the end of October is out: gold reserves stood at 78.3 million ounces, up 830,000 ounces from the end of September, marking the 24th consecutive month of additions.
What’s worth noting is the timing. Spot gold fell 6.79% in October, while futures dropped 7.21%, marking a second consecutive monthly decline. Prices were falling, yet buying was accelerating: the 830,000-ounce increase was the largest monthly addition since purchases resumed in November 2024.
Zoom out a little. Global central banks made net purchases of 321 tonnes in the third quarter, up 42% year over year, bringing the year-to-date total to 675 tonnes. The World Gold Council says geopolitical risks and concerns about fiscal sustainability are driving institutional funds back into gold ETFs, while official-sector purchases remain an important pillar of demand.
The three types of buyers operate on three different clocks. ETFs watch interest-rate expectations, individual investors watch prices, and official reserves watch portfolio composition. The first two may pull back when prices fall; the third buys month after month and is less sensitive to price.
Every deep dip in gold has a layer of demand beneath it that doesn’t watch candlestick charts. It may not drive prices up, but it makes them hard to push down on sentiment alone.
#黄金储备 #央行购金 #Macro
What’s worth noting is the timing. Spot gold fell 6.79% in October, while futures dropped 7.21%, marking a second consecutive monthly decline. Prices were falling, yet buying was accelerating: the 830,000-ounce increase was the largest monthly addition since purchases resumed in November 2024.
Zoom out a little. Global central banks made net purchases of 321 tonnes in the third quarter, up 42% year over year, bringing the year-to-date total to 675 tonnes. The World Gold Council says geopolitical risks and concerns about fiscal sustainability are driving institutional funds back into gold ETFs, while official-sector purchases remain an important pillar of demand.
The three types of buyers operate on three different clocks. ETFs watch interest-rate expectations, individual investors watch prices, and official reserves watch portfolio composition. The first two may pull back when prices fall; the third buys month after month and is less sensitive to price.
Every deep dip in gold has a layer of demand beneath it that doesn’t watch candlestick charts. It may not drive prices up, but it makes them hard to push down on sentiment alone.
#黄金储备 #央行购金 #Macro
