WEBVTT 00:00:00.000 --> 00:00:02.660 If you're following global finance, you've probably 00:00:02.660 --> 00:00:06.360 felt that dizzying sensation looking at the gold 00:00:06.360 --> 00:00:09.480 market lately. We are not talking about small 00:00:09.480 --> 00:00:11.980 incremental movements anymore. Not at all. In 00:00:11.980 --> 00:00:14.539 the third quarter of 2025, the London Bullion 00:00:14.539 --> 00:00:17.420 Market Association price for gold averaged a 00:00:17.420 --> 00:00:22.089 staggering $3 ,456 per ounce. That is a truly 00:00:22.089 --> 00:00:25.350 remarkable 40 % year -over -year increase. It 00:00:25.350 --> 00:00:28.530 just defies decades of conventional market logic. 00:00:28.769 --> 00:00:31.230 Right. It's behaving parabolically. And if you 00:00:31.230 --> 00:00:32.929 approach it with a traditional playbook of, you 00:00:32.929 --> 00:00:35.509 know, supply, demand, interest rate, correlation. 00:00:35.710 --> 00:00:37.969 Nothing makes sense. The old market rules, the 00:00:37.969 --> 00:00:40.289 very drivers we all used to track daily, have 00:00:40.289 --> 00:00:42.850 been completely upended. And that's exactly why 00:00:42.850 --> 00:00:45.450 we're here. Our mission today is a deep dive 00:00:45.450 --> 00:00:47.750 into the research from powerhouses like Societe 00:00:47.750 --> 00:00:50.390 Generale, the World Gold Council, and Deutsche 00:00:50.390 --> 00:00:54.189 Bank. We need to unpack why gold is soaring and, 00:00:54.189 --> 00:00:56.729 critically, what this tells you about global 00:00:56.729 --> 00:01:00.329 economic stability. And the core thesis the sources 00:01:00.329 --> 00:01:02.850 reveal, and this is the fundamental part to understand, 00:01:03.009 --> 00:01:06.890 is simple. The inelastic demand coming from official 00:01:06.890 --> 00:01:10.560 state actors the central banks, has now completely 00:01:10.560 --> 00:01:13.379 eclipsed the traditional price -sensitive drivers. 00:01:13.739 --> 00:01:15.700 So it's a structural re -engineering of how gold 00:01:15.700 --> 00:01:18.500 is priced. Exactly. We're witnessing a structural 00:01:18.500 --> 00:01:21.319 re -engineering. OK, so we have to start by accepting 00:01:21.319 --> 00:01:24.640 that the old leaders are, well, failing to lead. 00:01:25.319 --> 00:01:27.859 Let's look at the drivers that gold used to respond 00:01:27.859 --> 00:01:30.359 to, because they are clearly not responsible 00:01:30.359 --> 00:01:33.159 for a 40 % price move. We absolutely must set 00:01:33.159 --> 00:01:35.099 aside those traditional fundamentals. I mean, 00:01:35.180 --> 00:01:37.640 they still exist, of course, but they are fading 00:01:37.640 --> 00:01:40.760 and shading rapidly in importance as price setters. 00:01:41.140 --> 00:01:43.439 The classic demand sector is naturally jewelry. 00:01:44.359 --> 00:01:46.680 Historically, if the gold price spiked, the price 00:01:46.680 --> 00:01:48.879 elasticity of jewelry demand meant people just 00:01:48.879 --> 00:01:50.900 stopped buying, right? It acted as a natural 00:01:50.900 --> 00:01:54.129 market stabilizer. Exactly. Jewelry displays 00:01:54.129 --> 00:01:56.909 negative price elasticity, typically around negative 00:01:56.909 --> 00:02:00.030 0 .4. Higher prices mean lower volumes demanded 00:02:00.030 --> 00:02:02.689 by consumers, especially in Asia. And the data 00:02:02.689 --> 00:02:07.870 still shows that. It does. The Q3 2025 data confirms 00:02:07.870 --> 00:02:11.210 the standard behavior is still in place. consumption 00:02:11.210 --> 00:02:14.370 volume dropped 19 % year over year, falling to 00:02:14.370 --> 00:02:19.050 371 tons. That drop aligns perfectly with Sajan's 00:02:19.050 --> 00:02:23.550 models, which predicted a 20 to 23 % volume reduction. 00:02:23.930 --> 00:02:25.689 Okay, so the consumer is behaving predictably. 00:02:26.150 --> 00:02:29.199 But here is the critical twist. The total value 00:02:29.199 --> 00:02:32.259 of jewelry consumption actually rose 13 % to 00:02:32.259 --> 00:02:35.199 $41 billion. And that value increase confirms 00:02:35.199 --> 00:02:38.060 two things for us. One, there isn't some unusual 00:02:38.060 --> 00:02:40.419 collapse in the underlying retail market. And 00:02:40.419 --> 00:02:42.979 two, the jewelry sector is suffering volume pain 00:02:42.979 --> 00:02:45.199 precisely because the price is so high. Which 00:02:45.199 --> 00:02:48.180 means? It means it is definitely not the entity 00:02:48.180 --> 00:02:50.080 driving the price spike. It's just being pulled 00:02:50.080 --> 00:02:52.479 along by a force it can't control. And if jewelry 00:02:52.479 --> 00:02:55.159 isn't moving the needle, What about the big institutional 00:02:55.159 --> 00:02:57.300 money? I mean, we're talking about exchange -traded 00:02:57.300 --> 00:02:58.939 funds, the Western money in Europe and North 00:02:58.939 --> 00:03:01.219 America that used to dictate market direction. 00:03:01.240 --> 00:03:03.500 Yeah, yes. The sources suggest a significant 00:03:03.500 --> 00:03:05.819 reversal there, too. This reversal dynamic is, 00:03:05.819 --> 00:03:07.699 I think, one of the most intellectually compelling 00:03:07.699 --> 00:03:10.300 shifts. Sudhajan deployed what are called Granger 00:03:10.300 --> 00:03:12.639 causality tests. OK, let's pause on that jargon 00:03:12.639 --> 00:03:15.139 for a moment. For those of us not in quantitative 00:03:15.139 --> 00:03:18.419 finance, what exactly does a Granger causality 00:03:18.419 --> 00:03:21.099 test tell us? Why is it important here? It's 00:03:21.099 --> 00:03:23.379 a statistical tool, essentially. When we look 00:03:23.379 --> 00:03:26.500 at two financial time series, in this case ETF 00:03:26.500 --> 00:03:29.400 flows and gold prices, the test determines if 00:03:29.400 --> 00:03:31.800 changes in one variable can reliably predict 00:03:31.800 --> 00:03:34.159 future changes in the other. And historically 00:03:34.159 --> 00:03:37.759 the finding was clear. Big NTF flows would predict 00:03:37.759 --> 00:03:39.520 the direction of the gold price. That's right. 00:03:39.740 --> 00:03:42.159 But now... Now it's flipped. It's completely 00:03:42.159 --> 00:03:44.680 reversed. Now the tests show that gold prices 00:03:44.680 --> 00:03:48.199 precede ETF flows. This means that where institutional 00:03:48.199 --> 00:03:50.780 funds once led the market, they are now reacting 00:03:50.780 --> 00:03:53.139 to momentum that has been set elsewhere. So they're 00:03:53.139 --> 00:03:54.960 followers, not leaders. They're just scrambling 00:03:54.960 --> 00:03:56.840 to catch up after the price has already moved. 00:03:57.060 --> 00:03:59.430 Precisely. And the numbers back that up. Global 00:03:59.430 --> 00:04:02.550 ETF elasticity is hovering near zero. So while 00:04:02.550 --> 00:04:07.009 Q3 2025 saw this massive 134 percent surge in 00:04:07.009 --> 00:04:10.969 inflows, about 222 tons, that surge was purely 00:04:10.969 --> 00:04:13.710 an institutional reaction to price momentum already 00:04:13.710 --> 00:04:16.189 baked in. What about Chinese ETFs? Well, we should 00:04:16.189 --> 00:04:18.829 note that Chinese ETFs show their own volatility, 00:04:18.829 --> 00:04:21.470 but that's generally linked more to the unique 00:04:21.470 --> 00:04:25.050 domestic gold market integration and local speculation. 00:04:25.490 --> 00:04:28.029 It's not really providing global price direction. 00:04:28.170 --> 00:04:31.370 The takeaway here is absolute. The old leaders 00:04:31.370 --> 00:04:34.230 are either adhering to old dampening price rules 00:04:34.230 --> 00:04:36.949 or they are simply reacting to a force they didn't 00:04:36.949 --> 00:04:39.870 create. So if traditional investors and price 00:04:39.870 --> 00:04:41.870 sensitive shoppers are just reacting to high 00:04:41.870 --> 00:04:44.939 prices, we have to pivot to the new engine. Who 00:04:44.939 --> 00:04:47.540 is the entity that has the scale, the strategic 00:04:47.540 --> 00:04:50.079 imperative, and maybe most importantly, doesn't 00:04:50.079 --> 00:04:52.000 care what the dollar price is? The central banks. 00:04:52.079 --> 00:04:54.779 We are seeing a historic, absolutely relentless 00:04:54.779 --> 00:04:56.939 accumulation spree from the official sector. 00:04:57.120 --> 00:04:59.220 This isn't just an uptick. It's a paradigm shift. 00:04:59.279 --> 00:05:01.100 It really is. So give us the hard numbers on 00:05:01.100 --> 00:05:04.379 this accumulation. In Q3 2025 alone, central 00:05:04.379 --> 00:05:08.300 banks net purchased 220 tons. That's a 28 % increase 00:05:08.300 --> 00:05:10.740 quarter over quarter. It brings the year to date 00:05:10.740 --> 00:05:14.209 total to an astonishing Wix 134 tons. Wow. And 00:05:14.209 --> 00:05:16.449 this buying is consistent. Even August, which 00:05:16.449 --> 00:05:18.389 is historically a slower month for sovereign 00:05:18.389 --> 00:05:21.529 purchases, saw an increase of 19 tons. That is 00:05:21.529 --> 00:05:23.769 an immense rate of accumulation, and it's the 00:05:23.769 --> 00:05:28.610 key structural change. So, Zirgin data pegs the 00:05:28.610 --> 00:05:31.529 elasticity of this official demand at nearly 00:05:31.759 --> 00:05:35.939 0 .9 from 2023 to 2025. I mean, that's virtually 00:05:35.939 --> 00:05:38.399 perfectly inelastic. And this is where the why 00:05:38.399 --> 00:05:40.899 gets incredibly interesting because that high 00:05:40.899 --> 00:05:43.319 elasticity doesn't mean they're chasing the price. 00:05:43.779 --> 00:05:46.379 It means they are utterly insensitive to the 00:05:46.379 --> 00:05:49.399 price. But historically, central banks have been, 00:05:49.420 --> 00:05:52.560 let's say, notoriously unreliable buyers. They 00:05:52.560 --> 00:05:55.660 often step back when prices soared. What makes 00:05:55.660 --> 00:05:57.860 this spree different, according to Deutsche Bank's 00:05:57.860 --> 00:06:00.060 analysis? It all comes down to their strategic 00:06:00.060 --> 00:06:02.860 objective. Deutsche Bank clearly defines the 00:06:02.860 --> 00:06:05.720 concept of inelastic demand here. These institutions 00:06:05.720 --> 00:06:08.120 are not working off traditional finite price 00:06:08.120 --> 00:06:10.360 sensitive annual budgets where the CFO says we'll 00:06:10.360 --> 00:06:12.019 spend five billion on gold this year. So if the 00:06:12.019 --> 00:06:14.540 price rises, we buy less. They're targeting tonnage 00:06:14.540 --> 00:06:17.100 goals, not dollar value constraints. Precisely. 00:06:17.240 --> 00:06:19.620 They are aiming for specific reserve resilience 00:06:19.620 --> 00:06:21.660 targets. If they determine that reserve stability 00:06:21.660 --> 00:06:24.100 requires, say, 50 more tons of gold, they will 00:06:24.100 --> 00:06:26.910 acquire 50 more tons of gold, regardless of whether 00:06:26.910 --> 00:06:31.610 the dollar cost is 3000 or 4000. Exactly. And 00:06:31.610 --> 00:06:34.189 the sources clarify how they achieve this price 00:06:34.189 --> 00:06:37.170 insensitivity. If a sovereign institution is 00:06:37.170 --> 00:06:40.050 determined to hit a tonnage target, they are 00:06:40.050 --> 00:06:42.509 structurally capable of ignoring the cost in 00:06:42.509 --> 00:06:44.649 their own local currency. That's the crux of 00:06:44.649 --> 00:06:47.269 it. It is. Deutsche Bank notes that central banks 00:06:47.269 --> 00:06:49.410 have the ability to create domestic currency 00:06:49.410 --> 00:06:52.290 or monetize reserves as needed to acquire the 00:06:52.290 --> 00:06:55.069 metal. Their purchases are linked directly to 00:06:55.069 --> 00:06:58.620 strategic goals. repatriation efforts and expanding 00:06:58.620 --> 00:07:01.439 domestic vaulting capabilities. They view this 00:07:01.439 --> 00:07:04.720 as a hedge against geopolitical risks. Like reserve 00:07:04.720 --> 00:07:07.459 freezes and future sanctions. That's it. So this 00:07:07.459 --> 00:07:09.579 is less about generating profit and much more 00:07:09.579 --> 00:07:12.180 about national risk mitigation. It's a defense 00:07:12.180 --> 00:07:15.240 strategy for their reserves, making gold a geopolitical 00:07:15.240 --> 00:07:17.500 asset, not just a financial one. And the data 00:07:17.500 --> 00:07:20.279 shows who is leading this. It's overwhelmingly 00:07:20.279 --> 00:07:22.720 the emerging markets. Absolutely dominating the 00:07:22.720 --> 00:07:25.639 purchases. The top list includes China, Poland, 00:07:25.680 --> 00:07:28.920 India, Turkey, and Kazakhstan. This is not a 00:07:28.920 --> 00:07:31.319 Western trend. It's a diversification movement 00:07:31.319 --> 00:07:33.839 centered in the global south. And the intent 00:07:33.839 --> 00:07:37.500 to continue is robust. Completely. The WGC survey 00:07:37.500 --> 00:07:41.040 backs this up. It found that a staggering 95 00:07:41.040 --> 00:07:43.420 percent of central bank respondents anticipate 00:07:43.420 --> 00:07:46.199 global reserve expansion. Even more significantly, 00:07:46.839 --> 00:07:49.420 43 percent of central banks specifically plan 00:07:49.420 --> 00:07:51.740 further increases. And they have a target in 00:07:51.740 --> 00:07:55.079 mind. They do. They are aiming for gold to comprise 00:07:55.079 --> 00:07:58.860 about 22 % of their total reserves. That 22 % 00:07:58.860 --> 00:08:02.079 target signals a profound long -term shift away 00:08:02.079 --> 00:08:04.560 from reliance on foreign -held and potentially 00:08:04.560 --> 00:08:07.579 vulnerable assets. That is a fascinating metric. 00:08:08.220 --> 00:08:10.680 OK, moving on, we have to talk about the groups 00:08:10.680 --> 00:08:13.420 that amplify the central bank rally. Because 00:08:13.420 --> 00:08:15.860 not everyone is reacting negatively to the price. 00:08:16.189 --> 00:08:17.870 Like the jewelry sector. That would be the bars 00:08:17.870 --> 00:08:20.170 and coins segment. While the high street consumer 00:08:20.170 --> 00:08:22.470 pulls back, the retail investor buying physical 00:08:22.470 --> 00:08:24.629 bars and coins displays the complete opposite 00:08:24.629 --> 00:08:27.170 of jewelry. Positive elasticity around point 00:08:27.170 --> 00:08:29.649 four. Meaning the higher the price goes, the 00:08:29.649 --> 00:08:31.329 more confidence they gain. They think the rally 00:08:31.329 --> 00:08:34.409 must continue and they pile in. It becomes a 00:08:34.409 --> 00:08:39.710 momentum multiplier. In Q3 2025, 316 tons of 00:08:39.710 --> 00:08:42.730 bars and coins were demanded, a 17 percent jump 00:08:42.730 --> 00:08:45.289 year over year. This pushed total investment 00:08:45.289 --> 00:08:49.389 demand to a record 537 tons. This segment ensures 00:08:49.389 --> 00:08:51.809 that once the central banks set the upward trend, 00:08:52.110 --> 00:08:54.009 the retail investors amplify the velocity of 00:08:54.009 --> 00:08:56.110 the move. Yes, preventing any kind of smooth 00:08:56.110 --> 00:08:58.350 stabilization. So we have inelastic sovereign 00:08:58.350 --> 00:09:01.210 demand setting the floor and direction and momentum 00:09:01.210 --> 00:09:04.169 driven retail investors piling on top. But this 00:09:04.169 --> 00:09:06.149 rush for physical metal is running headfirst 00:09:06.149 --> 00:09:08.110 into structural constraints on the supply side. 00:09:08.320 --> 00:09:11.580 It is a fundamental conflict. Global supply only 00:09:11.580 --> 00:09:16.620 rose a modest 3 % in Q3 2025, totaling 1 ,313 00:09:16.620 --> 00:09:19.340 tons. The lion's share came from mine production, 00:09:19.679 --> 00:09:23.000 977 tons, which is inherently slow to grow. It 00:09:23.000 --> 00:09:25.899 takes years and, well, billions to bring a new 00:09:25.899 --> 00:09:28.100 mine online. And high grade discoveries are getting 00:09:28.100 --> 00:09:30.259 scarcer. They really are. This supply constraint 00:09:30.259 --> 00:09:32.200 is vital when we discuss how prices are being 00:09:32.200 --> 00:09:34.080 set. Analysts are now calling this situation 00:09:34.080 --> 00:09:36.539 the death of synthetic gold. That sounds dramatic. 00:09:36.860 --> 00:09:38.480 What does that mean for how you, the average 00:09:38.480 --> 00:09:40.659 investor, should perceive price discovery? It's 00:09:40.659 --> 00:09:43.580 a hugely important concept. For years, the gold 00:09:43.580 --> 00:09:45.940 price was primarily set by the paper markets, 00:09:46.500 --> 00:09:49.440 futures contracts, derivatives, institutional 00:09:49.440 --> 00:09:53.399 ETFs, the so -called synthetic gold. This paper 00:09:53.399 --> 00:09:56.159 volume massively overshadowed the physical tons 00:09:56.159 --> 00:09:59.200 actually changing hands. So if there was a sudden 00:09:59.200 --> 00:10:01.899 sell -off in a major futures market, the paper 00:10:01.899 --> 00:10:03.799 price would fall and the physical price would 00:10:03.799 --> 00:10:06.679 follow. Right. But the death of synthetic gold 00:10:06.679 --> 00:10:09.299 means that the overwhelming volume of physical 00:10:09.299 --> 00:10:12.000 tons being removed and vaulted by central banks 00:10:12.000 --> 00:10:15.059 and strategic investors is now eclipsing the 00:10:15.059 --> 00:10:17.279 influence of those Western paper instruments. 00:10:17.600 --> 00:10:19.610 Physical demand is driving the paper price. Not 00:10:19.610 --> 00:10:21.710 the other way around. Exactly. And this shift 00:10:21.710 --> 00:10:24.850 must introduce massive risk. If emerging markets 00:10:24.850 --> 00:10:27.289 continue their planned rebalancing to hit that 00:10:27.289 --> 00:10:30.350 22 percent reserve target, that colossal price 00:10:30.350 --> 00:10:32.690 and elastic physical demand is going to smash 00:10:32.690 --> 00:10:35.470 right into a rigid, constrained output wall. 00:10:35.850 --> 00:10:37.789 That is the structural pressure point for the 00:10:37.789 --> 00:10:40.289 next few years, which I think brings us logically 00:10:40.289 --> 00:10:43.269 to the bigger picture, the context of the evolving 00:10:43.269 --> 00:10:45.570 global monetary system, because this demand isn't 00:10:45.570 --> 00:10:48.600 random. No, not at all. This entire gold surge 00:10:48.600 --> 00:10:51.580 is a direct response to the decline in geopolitical 00:10:51.580 --> 00:10:55.080 trust and the weakening of the post -1970s dollar 00:10:55.080 --> 00:10:58.159 order. The pillars that have upheld dollar dominance 00:10:58.159 --> 00:11:00.820 for 50 years are under significant pressure. 00:11:01.039 --> 00:11:03.379 We're talking about three specific pillars. Right. 00:11:03.539 --> 00:11:05.759 First, global reliance on the U .S. Treasury 00:11:05.759 --> 00:11:08.600 market for safety and liquidity. Second, the 00:11:08.600 --> 00:11:10.860 dollar's sheer dominance in global trade and 00:11:10.860 --> 00:11:13.899 payments. And third, the reliable availability 00:11:13.899 --> 00:11:16.879 of dollar funding liquidity. And all three are 00:11:16.879 --> 00:11:19.500 showing signs of fracturing. We're seeing diversification 00:11:19.500 --> 00:11:21.860 in payments, surging Treasury issuance due to 00:11:21.860 --> 00:11:24.779 ballooning U .S. deficits. But the most acute 00:11:24.779 --> 00:11:27.389 trigger you have to think is political risk. 00:11:27.690 --> 00:11:29.590 Oh, the specific threats are not theoretical. 00:11:29.850 --> 00:11:31.990 Events like the freezing of foreign held reserves 00:11:31.990 --> 00:11:34.549 in recent geopolitical conflicts that served 00:11:34.549 --> 00:11:37.250 as a giant flashing neon sign to central banks 00:11:37.250 --> 00:11:39.610 worldwide saying your foreign assets are political 00:11:39.610 --> 00:11:42.629 vulnerabilities and they can be weaponized. That 00:11:42.629 --> 00:11:45.590 realization instantly translates to reserve reallocation 00:11:45.590 --> 00:11:47.870 towards assets held domestically and free from 00:11:47.870 --> 00:11:50.529 external legal jurisdiction like gold. And when 00:11:50.529 --> 00:11:53.639 you compare the official rhetoric. The fracture 00:11:53.639 --> 00:11:57.080 in global thinking is obvious. Absolutely. Western 00:11:57.080 --> 00:11:59.080 officials, including those at the Federal Reserve, 00:11:59.320 --> 00:12:01.259 they often maintain the narrative that the dollar 00:12:01.259 --> 00:12:03.899 is unassailable. They frame gold accumulation 00:12:03.899 --> 00:12:07.639 as a minor volatile price signal. But their European 00:12:07.639 --> 00:12:10.500 and crucially emerging market counterparts are 00:12:10.500 --> 00:12:12.980 explicitly acknowledging the erosion of trust 00:12:12.980 --> 00:12:15.399 in the dollar in their internal policy discussions. 00:12:16.139 --> 00:12:18.679 They are acting on the recognition that the monetary 00:12:18.679 --> 00:12:21.350 order is fundamentally shifting. That difference 00:12:21.350 --> 00:12:24.250 in perspective is vital for you to grasp. The 00:12:24.250 --> 00:12:27.129 sustained buying, despite historically high prices, 00:12:27.570 --> 00:12:30.549 is driven by a strategic fear, not a speculative 00:12:30.549 --> 00:12:33.370 profit motive. When we look at the summary data, 00:12:33.590 --> 00:12:37.870 Q3 total demand, hitting a record 100, 313 tons, 00:12:38.330 --> 00:12:42.759 valued at $146 billion, That entire propulsion 00:12:42.759 --> 00:12:45.539 was generated by strategic forces ignoring price. 00:12:45.779 --> 00:12:47.399 So what does this all mean for you, the person 00:12:47.399 --> 00:12:49.799 trying to navigate this new gold reality? We 00:12:49.799 --> 00:12:52.019 have four demand ecosystems colliding, but the 00:12:52.019 --> 00:12:53.700 central banks are now positioned as the pivotal 00:12:53.700 --> 00:12:56.179 marginal force. They're overriding the natural 00:12:56.179 --> 00:12:58.500 stabilizers in the system. Right. We have the 00:12:58.500 --> 00:13:00.259 price sensitive group jewelry, which pulls back 00:13:00.259 --> 00:13:03.360 volume. We have the momentum driven group bars 00:13:03.360 --> 00:13:06.259 and coins, which pushes volume forward. We have 00:13:06.259 --> 00:13:09.000 the reactive group ETFs, which only follows. 00:13:09.480 --> 00:13:12.600 But the massive Price in elastic official buying 00:13:12.600 --> 00:13:15.639 is the force that dictates the floor and provides 00:13:15.639 --> 00:13:18.860 unstoppable momentum. And the WGC and Deutsche 00:13:18.860 --> 00:13:21.820 Bank data confirm that these sustained elevated 00:13:21.820 --> 00:13:25.139 purchases are continuing even as the price skyrockets. 00:13:25.539 --> 00:13:28.019 This indicates that this is not a cyclical bubble 00:13:28.019 --> 00:13:30.960 to be popped by a rate hike. No, this is a clear 00:13:30.960 --> 00:13:34.059 long term structural shift in global reserve 00:13:34.059 --> 00:13:36.639 strategy. And this leaves the most provocative 00:13:36.639 --> 00:13:39.200 thought to consider moving forward. Go on. If 00:13:39.200 --> 00:13:41.159 central banks have become the marginal buyer 00:13:41.159 --> 00:13:43.480 and they are effectively setting the gold price 00:13:43.480 --> 00:13:46.240 by creating domestic currency, unconstrained 00:13:46.240 --> 00:13:49.419 by price, to hit specific reserve tonnage targets, 00:13:49.740 --> 00:13:51.919 what does this ultimately imply for the stability 00:13:51.919 --> 00:13:54.080 and traditional reserve role of the dollar in 00:13:54.080 --> 00:13:56.259 future global reserve planning? The buyer of 00:13:56.259 --> 00:13:58.440 last resort is no longer interested in the old 00:13:58.440 --> 00:14:00.080 price rules. And that changes everything.