Financial Times/Harry Dempsey/1-31-2023

“Demand for gold surged to its highest in more than a decade in 2022, fuelled by ‘colossal’ central bank purchases that underscored the safe haven asset’s appeal during times of geopolitical upheaval. Annual gold demand increased 18 percent last year to 4,741 tonnes, the largest amount since 2011, driven by a 55-year high in central bank purchases, according to the World Gold Council, an industry-backed group.”

USAGOLD note: Some will think it odd that demand, led by central banks, surges to levels last seen in 2011 (when gold hit an interim peak) while the price remains restrained……

Chart by USAGOLD [All rights reserved] • • • Data source: World Gold Council