Something interesting is happening in the gold market. Central banks aren't slowing down—they're actually speeding up.

October saw 53 tonnes added to global reserves. That's the biggest monthly haul since last November. Compare that to July? We're talking about a 194% surge. And this isn't a one-off spike. It's the third month in a row where the pace keeps climbing.

Look at the bigger picture: in just the first ten months of this year, the accumulation pattern tells a story. Central banks worldwide are clearly positioning themselves. The question isn't whether they're buying anymore—it's why the acceleration, and what they see coming that we don't.