I am not normally in the debunking business either ... but let me debunk your debunk ... it does stand to real world scrutiny.

What a confused article ... you respond to the question about whether central banks have been behind rising gold prices since 2008 (that's over 200 months) ... by suggesting the "precious metals bubble of recent months is all about retail buying". Two very different timelines and stories. I would suggest the buying over recent WEEKS has been retail and hence the price correction ... weak hands have been taken out.

The reporting of official gold purchases is voluntary and not mandatory ... it follows that the data is not complete and the market opaque.... and your assumptions wrong. To assume the recent near doubling of gold prices in the last 2 years ... to stretch your timeline ... is "retail" suggests you are out of touch with reality as far as bullion is concerned. Take a gander at published data on retail gold demand (this is at least knowable and measured) and you will see a flat picture until late in 2025. Late to the party, retail investors represent just the last tick in the chart.

It is almost as if you have decided your answer up front and have simply tried to present data and an argument to fit... which leaves you diminished in my view.

Only a week earlier in your last article you wrote “what we don’t know is who is driving the latest rise in gold prices” … so I would love to know what inspired your epiphany.