Hello, fellow rebel capitals, hope you're well. So gold is getting very close to an all-time high today.

I think it did hit an all-time high intraday yesterday, over $3,900 an ounce. So we have to start asking the question.

Is this a bubble? Should you start selling your gold immediately?

Is this 2011 all over again? Let's dive into that topic right now. First and foremost, we'll do a

screen share here. And if any of you know where Josh is, let me know. I'm assuming most of you will say that he's swiping on Tinder, maybe Grindr, who knows.

But he's MIA.

Guys, he's MIA.

So I'm going to have to do the screen share all by myself.

But let's get into it.

And we're going to start with, let's go over here.

Gold's record breaking rally who's keeping it going so the punchline here is it's all about central banks and it's all about capital flows into ETFs so and I think

this is a really kind of a cool breakdown of the pie chart here.

Let me see if I can zoom in for you guys. All right, global gold demand by sector, according

to metals focus. This goes back to 2016. And the red is jewelry fabrication. Net physical kind of the peach beige color green net

central bank buying i wish they give like aggregate totals or nominal totals it's like with the

percentages i wish i could see like how much they're actually buying because it's just kind of

robbing Peter Pay Paul here. Look, it goes down to 40% with the jewelers, but is that a net

decline? I mean, did they actually buy less or is it just a lower percentage because everyone else

is buying more, right? So I wish wish I think they go through that here.

Annual net purchases of gold central banks have exceeded a thousand metric tons each year since

2022. So this is not something that's just happened recently. This has been happening for,

call it three years. Developing countries are seeking diversified dollar after western sanctions

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