Gold prices are defying traditional market logic, approaching $3,400 per ounce despite expectations of a pullback.
The key driver isn’t retail investors but central banks, which are secretly buying approximately 80 metric tons monthly.
This shift reflects growing concerns about the US dollar’s reliability as a reserve currency, particularly as America increasingly weaponizes dollar access against both enemies and allies.
Poland’s central bank governor captures the sentiment: gold is “free from direct links to any country’s economic policy.” The trend appears sustainable as long as geopolitical tensions persist and the US continues its “America First” approach to dollar policy.