**Tether’s Massive Gold Buying- Part 1

Tether’s bullion position on par with several smaller sovereign reserves.

Housekeeping: This is part 1 of 2. The analysis is below. The conclusion will be in Part 2 tomorrow.

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INTRO:

Tether has accumulated 116 tonnes of gold, making it the largest non-sovereign buyer and a meaningful force in short-term supply. Jefferies, (two months after raising their target, saying “Gold should rise to $6,571”) notes Tether’s rapid purchases, regulatory limits, and rising XAUt issuance point to a broader strategy: pushing tokenized physical gold as an emerging settlement and value-storage instrument.

Also recall just weeks ago Tether hired senior traders from HSBC.

Now Jefferies explores exactly how much gold Tether controls. Tomorrow we will break down what it implies in the big picture.