Poland Just Beat China on Gold Buying. And That’s Not Even the Biggest Story.
The ceasefire broke after four days. The Strait of Hormuz closed again on June 20. Peace talks are continuing in Switzerland, but the negotiating table has gone indirect.
Meanwhile, markets are telling a different story. Gold is building a new uptrend off the $4,000 level, with Goldman Sachs targeting $4,900/oz by year-end. The World Gold Council says 89% of central banks expect global gold reserves to grow in 2026. And the National Bank of Poland quietly bought more gold in the first four months of this year than China and Uzbekistan combined.
That’s before I get to Chinese copper smelters pivoting to pyrite to extract sulfur, Goldman raising its aluminum deficit estimate to 720,000 tons for 2026, and a 44% collapse in US fertilizer imports from the Gulf in May, heading into a Super El Niño that peaks at the turn of 2026/2027.
Full breakdown: gold, platinum, copper, aluminum, fertilizers, and the food supply risk is up now on MacroPOV.
