The Emergence of Gold in a Multipolar World - ETF Trends
Source: ETF Trends
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DW NOTE
Gold has fallen 22.8% from its January peak while central banks added another 183 tonnes in Q2. The bid hasn't disappeared — it's moved from levered accounts in London to vaults in Beijing and Delhi. That's not rotation, that's redenomination.
For the first four months of the war between the United States and Israel and Iran, oil traders remained largely bearish. The overwhelming expectation was that the war would end soon—even as July rolled around—and oil flows out of Hormuz would recover. Instead, the world is slipping into a fuel shor
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