I conducted an in-depth study on the flow of gold with the help of chatGPT.

https://chatgpt.com/share/681a5ddf-f900-8010-91a2-0c60738a1805

Key points are:

1/ From the supply perspective, there is about less than 5000 tons per year, with growth but limited.

2/ Demand can be seen in the chart; central banks started to ramp up their purchases from 2022, while personal demand for gold bars and jewelry began in 2021. Industrial demand is stable but slightly decreasing, and there has been a net outflow from ETFs. This indicates that this round of the bull market is driven by both central banks and retail investors.

3/ It is estimated that the demand from central banks for gold will continue, driven by the broader context of de-dollarization and increasing geopolitical risks. Additionally, the U.S. economy has been relatively weak in recent years, leading to asset overvaluation and a decrease in attractiveness.

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