With the current inflation surge, the precious metals have been acting disappointingly, despite the fact that they showed growth, because everything else grew more – food, fuel, cost of living in general. However, let me just show you this:

So, we have a situation where gold is being a “poor performer”, and the central banks are buying it at almost unprecedented rates, as if it’s a hot commodity on discount. The explanation for this apparent paradox is that the spot price of precious metals is, basically, the price of “paper” that says “gold” or “silver”, because that’s what most of the spot market consists of. This spot price is controlled by the UK and the USA, with the purpose of propping up their own paper currencies. The problem with controlling the price of gold by making it artificially lower is that the people “in the know” will buy all the physical metal you are holding, and they won’t even consider the “paper” gold. That’s what the chart is showing – the central banks are hoarding physical metal, while all the ignorant actors look at the gold price chart and think there are better deals to be had elsewhere. At some point, if things continue like this, the large buyers will leech all the physical metal from the market, and then the price will start spiking and everybody else will wake up and smell the coffee, but by then the scarcity will hit the market so hard that the price of gold will start following the pattern of Bitcoin (I mean the prices in the range of $60k per troy ounce).

Edit: It turned out there was an error in the chart above, and it was actually the record year: