World central banks are incredibly bullish on gold:
45% of central banks said they plan to buy gold over the next 12 months, the highest reading on record, according to the World Gold Council survey of 74 central banks.
This percentage has more than doubled since 2020 and marks the 3rd consecutive annual increase.
Emerging market and developing economy central banks led the increase, with a record ~53% of this group planning to add gold, up from 48% last year.
Overall, 89% of central banks expect global gold reserves to increase over the next 12 months, the 2nd-highest reading on record.
Central banks are buying the gold dip.