What caught my attention in the latest WGC data was not so much the amount of gold being bought, but rather who is showing up among the buyers.
Malaysia, Kazakhstan, and Bolivia each added around 1 tonne of gold in July.
Individually, that is not a large purchase.
But the broader trend is more interesting.
The central-bank buying base is broadening.
Alongside major and closely watched buyers such as Poland and China, purchases are also appearing across more countries in Asia, Latin America, and other emerging markets.
And that may matter more than one additional tonne.
Central banks generally do not buy gold as a short-term trade. If interest in gold is spreading across a larger number of reserve managers, it could gradually create a broader and more durable base of demand for physical gold.
One tonne will not move the market.
But a broader group of long-term buyers might.
So it is not only about how much gold central banks are buying.
It is also worth watching how broad the group of central banks wanting to hold more gold is becoming.
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