The 'central banks' you refer to are failed states, Middle Eastern despots or despotic tyrants like Putin, and who knows or even cares how much gold they all have? Despite these tyrants 'stacking', the gold price has declined.
You have no idea how much gold China and Russia have it's a state secret. The 'paper' and 'physical' terms mean nothing, gold is gold, just like there's 'paper' cattle and real cattle.
1-On your logic, If you think gold is gold, then who cares who buys it? Its still gold. 2- China and Russia are a state secret, but both are global leaders in production and China doesn't export. Its clearly being accumulated. China offered to buy Middle Eastern oil in their currency. In return, countries could buy gold on their main exchange. 3-Paper gold means nothing? Good luck. Its the main driver of price action in markets. If you altered the paper markets leverage, you alter the physical price. I was trading gold and silver in the early 80s' Probably before you were born. Good luck buying coins.
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