Gold in July 2026: speculators rebuilt longs as the banks cut targets
Traders bought the bounce; the big bank desks cut their targets. The tie-breaker is the inflation print.
Read → The Vault Brief — Blog
The flows, explained.
Standalone deep-dives from the newsletter’s Hidden Flows — what central banks, big funds and the exchanges are actually doing.
Silver’s supply deficit in 2026: a sixth straight year of shortfall
A genuine multi-year deficit on one side, a real demand threat from solar thrifting on the other.
Read →
Gold ETF flows in 2026: why Europe was the only region buying
“Gold ETFs saw outflows” sounds bearish. The regional detail tells a different story.
Read →
Central bank gold buying in 2026: a record 244 tonnes in Q1
The official sector set a spending record while traders sold the Fed headline. The flows, not the price, are the story.
Read →