and of course the European banks have stopped selling 500 tonnes per year with central banks now net buyers. If you include the IMF sales, that's a 1000 tonne annual turnaround.
Many are confused about how bullion can keep coming to market without a substantial rise in mine production, but it's the existing 170,000 tonnes that need to be taken into account.
Investors who've collectively bought tens of thousands of tonnes since 2000 will have sold once it's clear this bull market is over. It's this investment/disinvestment which drives the price.
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