BREAKING: Global central banks bought +19 tonnes of gold in February, posting their 23rd consecutive monthly purchase. This follows +6 tonnes in January, with year-to-date purchases now at +25 tonnes. The National Bank of Poland led with +20 tonnes, bringing gold reserves to 570 tonnes, or ~31% of total FX holdings. The Central Bank of Uzbekistan added +8 tonnes, lifting its gold reserves to 407 tonnes, or ~88% of total FX holdings. China purchased +1 tonne, marking the 16th consecutive monthly purchase, pushing the total to 2,308 tonnes, or ~10% of FX total reserves. Meanwhile, Turkey and Russia saw the biggest declines in February at -8 tonnes and -6 tonnes, with Turkey later selling an estimated ~120 tonnes in March to fund FX operations amid the Iran war. Central bank gold demand remains strong.(The Kobeissi Letter)