Markets

Their purchases say more about the dollar than the metal.

The buyer changed, and the old playbook died with it.

Lost records, resealed vaults, and zero explanation.

The vaults got heavier while the display cases emptied.

They built a $220 billion fund that still answers to no one.

The largest miner on earth replaced barely a quarter of its reserves.

Central banks are selling what they used to trust.

The bond market reversed. The metal didn't.

The cost gap is written into policy through December 2027.

It moves from the mine to the vault without touching a market.

The fastest-growing mining region is locking the vault door.

2,814 tonnes sitting in vaults since 2010.