We conducted some research and found that the most powerful structural force is the global shift in reserve holdings. Central bank gold holdings amount to nearly 36,200 tonnes and account for almost 20% of official reserves, up from around 15% at the end of 2023. Diversification away from U.S. dollar reserve holdings, while still moderate, has accelerated in recent years, according to published sources. Central banks continue to increase the percentage of gold in their international reserves, fundamentally ...