**Founders: China Gold Buying

And Powell Resignation Hypothetical....

• The May reading of our GS nowcast of central bank and other institutional gold demand (excl. the US) on the London OTC market came in at 31 tonnes (vs. pre-2022 average of 17 tonnes). Year-to-date, our central bank demand nowcast has averaged 77 tonnes, modestly below our monthly average forecast of 80 tonnes through mid-2026.

• The gold price has consoli…