China’s central bank has stepped in again—this is the 24th consecutive month.
October reserve data shows 78.3 million ounces of gold, a net increase of about 25.8 tons for the month. It has added to its holdings for 24 consecutive months, buying up about 129 tons in total over the first 10 months of this year.
What’s interesting is the timing. Gold prices fell nearly 7% in October, dropping below the $4,000 mark. The central bank not only kept buying, but has been buying more aggressively as prices have fallen in recent months.
This is textbook buy-the-dip behavior. By contrast, crypto ETFs saw net outflows of over $500 million last week. Institutions talk a big game about long-term investing, but when prices fall, they run faster than anyone. Everyone says BTC is digital gold, but when gold prices fall, central banks snap it up; when crypto prices fall, institutions flee. The difference in how these two “golds” are treated stings a little.
But don’t rush to mock them. Central banks hoard gold to hedge against a credit system built over thousands of years. BTC is only in its teens, so it’s perfectly normal for sovereign funds not to recognize it yet. The narrative will truly take hold when sovereign wealth funds start allocating to BTC in earnest. For now, the nature of the capital determines the behavior—don’t force it with faith.
Weekend risk watch: Trump has been told he needs to make a decision on Iran within 8 weeks. The night of November 9, a new moon, is a theoretical window for airstrikes. The probability of a rate hike in December is 78%. When the market has no clear direction, your position size is worth more than your opinion.
NFA DYOR
$BTC
#黄金 #央行 #比特币 #美联储 #Cryptocurrency
October reserve data shows 78.3 million ounces of gold, a net increase of about 25.8 tons for the month. It has added to its holdings for 24 consecutive months, buying up about 129 tons in total over the first 10 months of this year.
What’s interesting is the timing. Gold prices fell nearly 7% in October, dropping below the $4,000 mark. The central bank not only kept buying, but has been buying more aggressively as prices have fallen in recent months.
This is textbook buy-the-dip behavior. By contrast, crypto ETFs saw net outflows of over $500 million last week. Institutions talk a big game about long-term investing, but when prices fall, they run faster than anyone. Everyone says BTC is digital gold, but when gold prices fall, central banks snap it up; when crypto prices fall, institutions flee. The difference in how these two “golds” are treated stings a little.
But don’t rush to mock them. Central banks hoard gold to hedge against a credit system built over thousands of years. BTC is only in its teens, so it’s perfectly normal for sovereign funds not to recognize it yet. The narrative will truly take hold when sovereign wealth funds start allocating to BTC in earnest. For now, the nature of the capital determines the behavior—don’t force it with faith.
Weekend risk watch: Trump has been told he needs to make a decision on Iran within 8 weeks. The night of November 9, a new moon, is a theoretical window for airstrikes. The probability of a rate hike in December is 78%. When the market has no clear direction, your position size is worth more than your opinion.
NFA DYOR
$BTC
#黄金 #央行 #比特币 #美联储 #Cryptocurrency