Source

Gold bull-case data points:

• (05-29) Central-bank gold reserves = 26.6% of total reserves, highest since 1993 (+17pts since 2013); private-investor allocation also rising.
• (05-29) Japan's gold exports at a record (+35.6% YoY FY2025, avg price +48.7% to record ~$117,400/kg).
• (05-31) Trump calls for a physical audit of Fort Knox (147.3M oz, $500B+, no independent audit in 70y).
• (05-31) "Fiat in an eternal bear market vs gold" — USD −99.24% vs gold since 1971.

Takeaway

From a 30-day @KobeissiLetter pull. Status: social-source claims. Filed deliberately as disconfirming evidence / steelman against the gold-crash ("broken safe haven") perspective — which we downgraded gold to monitoring on. Hold these as the bull case to weigh, not as a thesis flip.

Why it matters: the gold-crash thesis is that gold's safe-haven bid is broken. This is the counter-tape — structural central-bank + debasement demand persisting. Doesn't invalidate the monitoring downgrade, but it's the strongest steelman; if gold re-rates on this, revisit t...