Central banks are buying unprecedented amounts of gold:

Global central banks have bought an annualized +830 tonnes of gold in 2025.

In the first half of 2025 alone, 23 countries increased their gold reserves.

Central banks are now on track to buy twice as much as the annual… pic.twitter.com/CPtK95R36X

— The Kobeissi Letter (@KobeissiLetter) October 25, 2025