The one-third of surveyed institutions planning to add gold represents a demand signal with genuine price implications: central banks and sovereign wealth funds operate at a scale where even incremental allocation shifts move the market, and the stated intention to increase holdings comes on top of two years of already elevated official sector buying. The tripling of central banks citing US debt as a negative for the dollar's reserve role, from 20% in 2024 to 61% now, is the structural driver behind the gold pivot rather than a short-term tactical call, which makes it stickier and harder to reverse. With the ... (full story)