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BREAKING: Central banks bought gold for the 23rd consecutive month in February.
February alone: +19 tonnes
YTD 2025: +25 tonnes
Key buyers:
- Poland: +20 tonnes (now 31% of reserves)
- Uzbekistan: +8 tonnes (now 88% of reserves)
- China: +1 tonne (16th straight month)
Turkey sold 120 tonnes in March to fund currency defense amid the Iran war.
Gold as a reserve asset is bifurcating: strategic accumulators vs. crisis sellers.
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