Central Banks become even more bullish on gold.

Central Banks absorbed nearly one third of mine supply last year. Despite the rise in price, souring sentiment towards the US dollar in the WGC Survey points to solid demand from the Official Sector.

• Central Bank’s rationale for holding gold hasn’t really shifted since the 2024 survey. Despite the Bank for International Settlements not classifying it as such, Central Bankers appear to view gold as a High Quality Liquid Asset (HQLA) which the BIS defines as one that “can be easily and immediately converted into cash at little or no loss of value” whe…