CB frenzy & physical flows
Key Questions
How much gold did central banks buy in May?
Central banks added a net 41 tonnes in May, led by Poland with 18 tonnes and China with 10 tonnes. China extended its buying streak to 20 consecutive months, reaching 163 tonnes in imports for the month.
What does the ECB report reveal about gold in reserves?
The ECB report shows gold overtaking US Treasuries as a share of reserves at 27% versus 22%. This reflects ongoing de-dollarization trends among central banks.
Why are COMEX gold inventories declining sharply?
COMEX gold inventory has plunged 30% over nine months with open interest at 2015 lows. This indicates strong physical demand pulling metal out of vaults.
What do surveys say about future central bank gold demand?
The WGC 2026 survey found 89% of central banks expect reserves to rise further. The OMFIF survey showed 61% anticipate gold reaching $5,000-$6,000 by mid-2027.
How is physical gold moving from Western vaults?
Gold is quietly leaving London and New York as central banks prioritize physical control and repatriation. This trend reinforces declining trust in US/UK custodians and supports de-dollarization.
What is driving China's gold import surge?
China's May imports hit a 26-month high of 163 tonnes, up 76% year-to-date. The PBOC continues aggressive buying amid price swings and strategic reserve building.
Which countries led central bank gold purchases in May?
Poland led with 18 tonnes while China added 10 tonnes for its 20th straight month of buying. Overall net purchases reached the second-highest level of the year.
How does Bank of Korea's interest in gold ETFs fit the trend?
Bank of Korea is exploring gold ETFs as part of broader reserve diversification. This aligns with global central banks increasing gold allocations to 50-year highs.
Central banks added net 41t in May (Poland 18t, China 10t); Poland 64t YTD, China 20th consecutive month. ECB report shows gold overtook US Treasuries in reserves (27% vs 22%). Bank of Korea exploring gold ETFs. COMEX gold inventory plunged 30% in 9 months, open interest at 2015 lows. China's May gold imports hit 163t (26-month high, YTD +76%). WGC 2026 survey: 89% expect reserves to rise. OMFIF survey: 61% expect gold $5k-$6k by mid-2027. De-dollarization continues. Peter Schiff's article highlights gold quietly leaving London and New York as central banks prioritize physical control, citing the Romanian gold repatriation story as a cautionary tale. This reinforces declining trust in US/UK and the structural de-dollarization narrative.