Central banks added a net 15t to global gold reserves in August, based on reported data from both the IMF and respective central banks. This is broadly in line with monthly net purchases between March and June, and signals a return to buying form after global reserves were unchanged in July (we revised down our initial July estimate of +10t after Bank Indonesia reported an 11t sale). As we’ve noted previously, the recent gold price rally, which has reached multiple new all-time highs so far this year, likely remains a constraint on the level of buying by central banks. It may be a factor in more tactical selling too. ... (full story)