A discussion of central bank gold activity wherein sales have dropped significantly and purchases has risen, putting the banks into a position of net demand, despite misleading headlines and statistical sleight-of-hand regarding the categorization of said activity. While a recessionary economic environment will curb gold demand from the jewelry and industrial sector, investment demand tends to be counter-cyclical and therefore tends to mitigate the impact on the physical market. Accordingly, a gold ETF has recently reported its biggest-ever one-day inflow, also registering inflows over the period of week (up 18%,) larger than any other time since the fund's inception. Seasonally strong demand during this year's autumn and winter months will likely be confronted by tighter supplies, particularly in light of the changing attitudes of the central banks. Featuring Pete Grant and Jonathan Kosares.