Central banks quietly accelerate gold accumulation
The guest argues that global central banks are buying gold at a much faster rate than Western institutions publicly report, driven by a systemic loss of trust in Western financial systems.
The argument
Schechman highlighted that Goldman Sachs recently doubled its 2026 central bank buying projections to 60 tons per month after reconciling discrepancies between official export data and vault outflows. He argues this sovereign demand represents a structural shift toward gold as a primary settlement and sovereignty asset.
The thesis, stress-tested
✓ What validates it
- ✓Goldman Sachs or IMF further revise central bank purchasing data upward
- ✓Continued divergence between official vault outflows and reported exports
▸ Risks discussed
- ▸A stabilization of geopolitical tensions could slow central bank diversification
- ▸Potential reporting changes by central banks to obscure purchases
Hear it yourself
"And the VAT tax is paid by the recipient, not the not the sender, not the seller when it leaves the Shanghai Metals Exchange. And so you have imagine if you're a, a, JPMorgan trader and you you you take 10,000,000 ounces, you sell it at a $10 premium, deliver it through what's called exchange for physical in essence where you deliver it to to Brinks Hong Kong, which is a COMEX contract. It's picked up by truck and driven to Shanghai. At a $10 premium on 10,000,000 ounces, you just made a $100,000,000. Or, you know, a a million ounces of gold at an $85 premium, you just made $85,000,000, and that is what they are doing."
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