Central bank gold buying accelerates to record pace with structural shift

Q2 2026 saw record 289t central bank gold purchases. PBoC added 20t in July (largest since Oct 2023). Global pace now ~100t/month vs 17t pre-2022. Shift from quantity to custody diversification and sovereign optionality. MOU with Artisanal Gold Council signals support for junior miners. This structural bid reinforces the secular bull thesis.