Philip Patrick

We've seen record setting central bank gold buying.

As I've said before, the pace of this buying is escalating.

The last recorded quarter, the third quarter of this year, central banks set a new record, beating the previous quarter record by 28%.

So the velocity is increasing.

It's being driven predominantly by China, India and others.

And like I said, I don't think it's going to stop.

Look, I don't know if it's necessarily a fear of missing out when it comes to central banks.

We're seeing that certainly with retail investors, institutional investors, with prices moving as they are.

What was traditionally a safe haven asset is now being viewed as a growth asset.

I think for central banks, it's a little bit different.

There's structural shifts happening.

I think there's two drivers.

We've got to remember the dollar is the global reserve currency.

We've been printing it like it's going out of fashion.

So what that does is it leads to devaluation and it incentivizes central banks to start seeking alternatives.

The dollar has lost 25 percent of its purchasing power in the last five years.

That is a major problem.

Gold today is a better trade than that.

Gold is up 60% this year.

It's up significantly since COVID, significantly more than that.