[ZH: China was again the largest identifiable buyer in April at 27 tonnes - 9x the 'official' numbers as the 'secret' gold buyer continues to load the boat]
Finally, Goldman writes, consistent with gold operating as a safe haven asset, we maintain our forecast that structurally strong central bank buying will raise the gold price to $3,700/toz by end-2025 and $4,000 by mid-2026, and we reiterate our long gold trade recommendation.
Chinese government and Indian People are buying Gold while all others are doing some other business, mostly involved in wars.
It won't surprise me that by 2050 we see a complete turnaround in global economic power back to where it had been a few centuries ago, to China and India.