Emerging market central banks are adding to gold reserves at historic rates. China hasn't disclosed exact reserves in months. India just imported more gold in one quarter than it did in two previous years.
China and India's central banks just bought 240 tonnes of gold. They are not momentum trading. They are building a fortress and furnishing it in gold bars. This is a 50-year geopolitical thesis delivered in metric tons. Structural demand doesn't flip on the next CPI print. Keep your time horizon calibrated to who you're following — and right now you're following two nuclear powers.