I think this data is cherry picked. He says that the central bank buying has gone down from 23 year to 24 year by 40%. That may be true if one takes the Q3 2022 data into account (after the freezing of Russian Assets), but if one looks at the calender years 23 and 24, there has been an increase in central bank buying.
https://en.macromicro.me/charts/93189/gold-demand-central-banks-and-other-inst
To use this to infer there has been an increase in investment buying is a non sequiter.
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