The David Lin Report · Friday, July 10, 2026
Matthew Piepenburg highlights that central banks have been significantly increasing their gold reserves, with a five-fold increase since the start of the Ukrainian war and consistent quarterly buying of over 200 tons. This trend, coupled with China's substantial gold purchases (160 tons in May), indicates a clear preference for gold as collateral amidst global de-dollarization efforts.
“Central banks have been stacking gold at 5x levels, five times in this period since the Ukrainian war started.”
“In the last 11 quarters, we've seen 10 quarters of over 200 tons of central bank buying. It's extraordinary.”
“And you've also seen China in May buy 160 tons.”
“The head of the Shanghai Exchange said in 2014 in front of a bunch of Western bankers when China wasn't taken seriously, he said, very soon China will be setting the gold price.”