BREAKING: Global central banks purchased +23 tonnes of gold in July, marking their 4th consecutive monthly purchase. This follows +51 tonnes in June, their 2nd-largest monthly purchase since November 2024. In July, demand was led by China at +20 tonnes, bringing its year-to-date purchases to +60 tonnes. Poland followed with +8 tonnes, lifting its total 2026 purchases to +90 tonnes. Year-to-date, central banks have acquired +130 tonnes of gold, slightly trailing the +160 tonnes purchased over the same period last year. Meanwhile, the Bank of Korea disclosed on August 13th that it made its first gold investment in 13 years, holding $250 million in the largest US gold-backed ETF, GLD, as of Q2 2026. Central bank gold demand remains incredibly strong.(The Kobeissi Letter)