The global gold market continues to defy conventional economic textbooks, maintaining a steady upward trajectory even as central banks hold interest rates at elevated levels. In 2025, global gold demand reached a historic milestone by crossing the 5,000-tonne threshold, heavily reinforced by official institutions which collectively absorbed another 863 tonnes. By April 2026, London’s institutional vaults reported holdings of 9,372 tonnes. However, surface liquidity can be deceptive; a vast portion of this inventory is structurally locked up, serving as the underlying backing for exchange-traded funds (ETFs), ... (full story)