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Central banks from emerging markets are driving a structural increase in gold demand, absorbing approximately one-third of annual production. This is a direct response to geopolitical risks and the weaponization of the US dollar.

Impact: Sustained upward pressure on gold prices and a gradual shift in global reserve currency dynamics away from the US dollar.

— from Germany's Industrial Crisis and Gold's Structural Bull Market · bto – der Ökonomie-Podcast von Dr. Daniel Stelter· Feb 01, 2026