Central banks buying gold to diversify away from fiat reserves.

Central banks moving gold to better prepare for systemic crises. Governments ‘helping’ other governments avoid selling government debt. Governments working the yield curve to influence interest rates. Governments running into trouble because of debt, deficits, and soaring interest expenses. Declining trust in governments and central banks. Inflation running above target for five years and above many interest rates. A structur — via @jsblokland

Central bank gold diversification signals fiat distrust, a key fixed-income market catalyst.