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Central Bank Gold Buying Surprises in May

Market Rundown |
6

Housekeeping: Good Morning.

Strategy is just tactics on a longer timeline

Topics:

  • Weekend News, Tariff Deadline

  • Surprise Uptick in May CB Gold Buying

  • Stablecoins as Future of Gold

Market Analysis: Last Week/ This Week

President Trump signed OBBB into law, while Elon Musk launched the "America Party" with a focus on freedom, fiscal discipline, and tech; the party seeks influence in Congress despite the entrenched two-party system.
Tariff Negotiation Deadline— The U.S. July 9 deadline for tariff agreements is driving market focus, with duties set to take effect August 1 for countries without deals; India, Japan, and the EU are still in talks, but tensions are rising—especially with Europe.
Escalating Trade Tensions and Retaliation—The U.S. is threatening 17% tariffs on EU food exports and 10% on BRICS-aligned countries
Trump May Not Extend Tariff Cease-Fire as markets hope.. Vietnam deal kind of s*cked for them.. So hes seemingly hardlining things a little more

Surprise Uptick in May CB Gold Buying

Central banks added a net 20 tonnes to global gold reserves in May, marking a slight increase from April, though the broader pace of accumulation remains tempered. The National Bank of Kazakhstan led the activity with 7t of purchases, followed by Turkey and Poland at 6t each. Singapore’s MAS reported a 5t reduction.
 HSBC Signals More Buying to Come
According to HSBC’s 2025 Central Bank Gold Reserves Survey, 43% of central bankers expect their own institutions to raise gold holdings, with 95% forecasting broader reserve growth. OMFIF’s Global Public Investor 2025 echoed the trend, with 32% projecting increased gold purchases in the next 12–24 months.
  • Full analysis in Premium at bottom…

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Final market check


Data on Deck: FOMC Minutes

  • MONDAY, JULY 7 None scheduled

  • TUESDAY, JULY 8 3:00 pm Consumer credit

  • WEDNESDAY, JULY 9 2:00 pm Minutes of Fed's May FOMC meeting

  • THURSDAY, JULY 10 8:30 am Initial jobless claims, Fed speakers

  • FRIDAY, JULY 11 2:00 pm Monthly U.S. federal budget-$66B

  • Full calendar1

Charts and Final Market Check

Premium: WGC CB Buying Upticks in May

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