I’m not usually in the debunking business, but today I make an exception. There’s a chart going around that suggests central banks are behind the recent spike in gold prices. Here’s the thing about that chart: it’s bogus. I show why in today’s post and illustrate how to look at central bank gold holdings - and purchases - properly. Once you do that, it’s clear central banks haven’t driven the crazy rise in gold prices. The precious metals bubble of recent months is all about retail buying, like every other bubble before it. The chart above keeps getting used to claim central banks are behind the crazy rise in gold ... (full story)