August 18, 2026 Having examined, in the second part of this series, the background to the sharp rise in the price of gold in early August – which came as a surprise to many investors – and focusing on the fundamental drivers behind central banks’ demand for gold, today, in Part 3, we take a closer look at the latest figures: Who is buying A significant increase in the second quarter Following a rather subdued start to the year, central banks significantly stepped up their gold purchases in the second quarter of 2026. According to data from the precious metals dealer Ophirum, central banks increased their reserves by a total of around 289 tonnes of gold between April and the end of June. Compared with the mere 57 tonnes of gold purchased by central banks in the first quarter of 2026, this was not only an extremely sharp rise, but also, as it were, a return to the ‘old’ normality that had prevailed since 2022. According to the latest calculations by the World Gold Council, the total official gold reserves of all central banks worldwide stand at around 36,600 tonnes, reaching an all-time high. At the top of the list of buyers in 2026 are, above all, Poland and China. Poland has steadily increased its holdings as part of a stated strategy to raise the proportion of gold in its own currency reserves to around 20 per cent. China, for its part, reported its twentieth consecutive month of rising gold reserves in May. China’s official gold reserves stood at around 2,331 tonnes at that time. However, it is not just the ‘usual suspects’ who are currently flocking to gold. New groups of buyers are also emerging: according to the World Gold Council , countries such as Indonesia and Malaysia have recently begun to replenish their gold reserves again after a prolonged period of restraint. Not all central banks are buying – an important distinction However, the picture of central banks making massive purchases is not uniform. Turkey, for example, which was still among the largest gold buyers in 2025, has reduced its holdings in the first few months of this year. In January and February 2026 alone, the Turkish central bank reduced its gold holdings by around 8.1 tonnes. Domestic political factors, in particular the use of gold reserves to prop up the country’s own currency, play a role here. The case of Turkey illustrates very well that the purchasing decisions of individual central banks can certainly be driven by short-term and highly country-specific motives. Investors should therefore not simply and indiscriminately assume that every central bank is following the global trend to the same extent. Why these purchases have a structural impact However, what is decisive for the price of gold is not so much individual reports of central bank purchases or sales as the fundamental orientation of their global reserve policy. One aspect deserves particular attention in this regard. It fundamentally distinguishes central banks’ gold purchases from those of institutional and private investors: central banks act as buyers with a particularly long-term orientation who are not very price-sensitive. This means that gold is generally not held for a few weeks or months, but over years or decades. As a result, this demand continuously withdraws supply from the market, regardless of short-term price fluctuations. The World Gold Council’s Central Bank Gold Reserves Survey 2026, mentioned earlier, underscores this trend: 89 per cent of the reserve managers surveyed expect global central bank gold reserves to continue rising, whilst 45 per cent even anticipate an increase within their own institution. Long-term security counts for more than short-term returns The reasons for purchasing are also interesting. The central bankers surveyed cite gold’s proven track record in times of crisis, its long-term preservation of value and the diversification of reserve portfolios away from an excessive concentration on a single currency as the most common motives. This structural, multi-year demand forms an important foundation for the current gold price rally. Whilst it does not explain the short-term price surge in a single trading week, it does explain why many market observers are optimistic about the longer-term trend. Unlike many private investors, who often act pro-cyclically and take profits when prices surge, central banks usually stick to their strategic approach even when the price fluctuates sharply in the short term. For them, the long-term security of gold – proven over centuries – carries far greater weight than any short-term profit, however attractive it may be. In the next part of this series, we turn our attention to the US Federal Reserve itself: why is the Federal Reserve currently facing a monetary policy dilemma between combating inflation and economic weakness, and what does this dilemma mean for gold? Source： https://goldinvest.de/en/central-banks-are-on-a-buying-spree-again-which-countries-are-now-investing-heavily-in-gold

[Low-Grade Zinc Oxide Payables Caught Between Rising and Falling, High Levels Expected to Persist] Prices want to rise, but downstream buyers will not accept them; prices want to fall, but raw materials are providing support. In August, the low-grade zinc oxide market fell into a clear stalemate between upward and downward moves—how will it perform in September?

SMM News, Aug 17: Metals market: As of the midday close, base metals in the domestic market rose across the board. SHFE copper rose 1.76%, and SHFE aluminum rose 0.58%. SHFE lead rose 0.41%. SHFE zinc rose 0.99%. SHFE tin rose 0.85%. SHFE nickel rose 1%. In addition, the most-traded cast aluminum futures contract rose 0.69%, and the most-traded alumina contract rose 0.33%. The most-traded lithium carbonate contract fell 1.18%. The most-traded silicon metal contract was flat at 8,665 yuan/mt. The most-traded polysilicon futures contract rose 0.94%. Ferrous metals mostly rose. Iron ore fell 0.77%, rebar fell 0.1%, and hot-rolled coil rose 0.46%. Stainless steel rose 0.42%. For coking coal and coke: the most-traded coking coal contract rose 0.66%, and the most-traded coke contract rose 0.58%. Overseas base metals: As of 11:42, LME metals rose across the board. LME copper rose 1.36%, LME aluminum rose 0.68%, and LME lead rose 0.42%. LME zinc rose 0.58%. LME tin rose 0.43%. LME nickel rose 0.62%. Precious metals: As of 11:42, COMEX gold rose 0.28% and COMEX silver rose 1.02%. Domestic precious metals: SHFE gold rose 0.89%, and the most-traded SHFE silver contract rose 1.92%. In addition, as of the midday close, the most-traded platinum futures contract rose 2.64%, and the most-traded palladium futures contract rose 2.05%. As of the midday close, the most-traded Europe shipping container freight contract rose 8.59% to 1,725.5 points. As of 11:42 on Aug 17, midday moves in select futures: Spot and Fundamentals Silver: Cooling rate-hike expectations provided support, but liquidity-risk disruptions limited gains, with silver prices consolidating at highs. Wait-and-see sentiment in the spot market was strong, and transactions tended toward small declines… Macro Front China: PBOC: Based on the demand of primary dealers for open market operations, the volume of 7-day reverse repo operations on Aug 17, 2026 was zero. Meanwhile, 565.5 billion yuan in overnight reverse repo operations was conducted. (Jinshi Data APP) [China Made Major Progress in Key Technologies for Rare Earth Detection] It was learned today that recently, China made major progress in key technologies for rare earth detection. For a long time, accurately determining the content of rare earth impurities in high-purity rare earths has faced the challenge of matrix interference, which has severely constrained precise control over the quality of rare earth products. To break through this technical bottleneck, a dedicated technical R&D effort was carried out relying on the Key Laboratory of the State Administration for Market Regulation (Rare Earth Product Detection and Traceability) established at Jiangxi University of Science and Technology. Through the unremitting efforts of the research team, breakthroughs were achieved in detection technology, and overall technical capabilities reached a new level. The research team successfully developed multiple key technologies for rare earth detection, among which the inductively coupled plasma tandem mass spectrometry method for directly determining the content of rare earth impurities in high-purity rare earths was particularly outstanding. This technology successfully overcame bottlenecks of traditional detection methods, such as the need to separate the matrix in advance and high detection limits. It offers significant advantages including high sensitivity, high accuracy, and rapid detection, enabling direct and precise determination of trace rare earth impurities in high-purity rare earths and providing solid and strong technical support for quality control of rare earth products. (CCTV News) US dollar: As of 11:42, the US dollar index fell 0.09% to 99.55. According to CME “FedWatch”: the probability that the US Fed would keep rates unchanged through September was 66.9%, and the probability of a cumulative 25-basis-point hike was 33.1%. The probability that the US Fed would keep rates unchanged through October was 53.6%, the probability of a cumulative 25-basis-point hike was 39.8%, and the probability of a cumulative 50-basis-point hike was 6.6%. Chicago Fed President Goolsbee said recent CPI data were encouraging, but inflation in May and June had still been relatively high; only if the momentum from June continued over the next three to four months could one be confident that prices were steadily returning to the 2% target. He supported keeping rates unchanged in July, saying inflation remained the biggest concern and that the economy and employment were “basically stable.” He warned that continued declines in retail sales would be concerning, as consumption is a key pillar of the US economy. In addition, he expressed concern about the recent pullback in productivity growth, saying that if AI-driven growth could not be sustained, the narrative around AI and monetary policy would need to be revisited. As for whether to reduce the number of policy meetings, Goolsbee said he had no strong view and was willing to wait for the working group’s recommendations. (Jin10 Data APP) Goldman Sachs Chief Economist Jan Hatzius noted in global macro research released on August 16 that a rate hike at the September FOMC meeting “had become very unlikely,” unless the August data released in early September showed a dramatic shift—which was not his base case. This judgment was not based on a single data point, but on three main threads turning simultaneously: cooling consumption, employment trends nearing stagnation, and improving inflation. (Wallstreetcn) On the data front: Today will see the release of data including China’s July total retail sales (YoY), China’s July industrial value added above designated size (YoY), Canada’s July CPI (MoM), the US August New York Fed Manufacturing Index, and the US August NAHB Housing Market Index. Key Items to Watch: The National Bureau of Statistics (NBS) will release the monthly report on housing sales prices in 70 large and medium-sized cities; the State Council Information Office will hold a press conference on national economic performance; the National Energy Administration will release data on total society-wide electricity consumption around the 15th of each month. Crude Oil: As of 11:42, oil prices in both markets rose, with WTI up 0.22% and Brent up 0.46%. Oil prices edged up on Monday as traders looked for the next catalyst to drive direction. A new round of Israeli strikes on Lebanon, as well as the possibility of new US sanctions on Iran, heightened geopolitical uncertainty. (Jinshi Data APP) Data from shipping intelligence firm Kpler showed that vessel traffic through the Strait of Hormuz declined over the past weekend as tankers came under attack and US-Iran talks also stalled. Five bulk commodity vessels passed through the strait on Saturday, while none passed on Sunday, a sharp drop from 31 over the previous weekend. (Jinshi Data APP) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ►

Divisions within the US Fed over the next direction of monetary policy have become increasingly public. Cleveland Fed President Hammack reiterated a rate-hike stance, arguing that action is needed now, and warned of financial stability risks such as leverage in U.S. Treasuries and an AI bubble. Richmond Fed President Barkin, by contrast, advocated keeping interest rates unchanged, noting that inflation has mainly stemmed from temporary shocks, while also warning that AI investment and supply-chain issues could generate persistent price pressures.

August 13, 2026 The Chinese gold market showed a clear dichotomy in the first half of 2026: whilst demand for jewellery slumped amid record prices, physical investment products recorded strong growth. According to data from the China Gold Association (CGA), China’s total consumption rose slightly by 1.23 per cent to 511.41 tonnes (previous year: 505.21 tonnes). Investment demand offsets slump in jewellery High gold retail prices and changes to tax rules had a noticeable dampening effect on consumers. Nevertheless, there was a significant shift towards physical assets as a store of value: • Jewellery: −33.88 per cent to 132.13 tonnes • Bullion & coins: +28.42% to 339.34 tonnes • Industry & other: −2.90% to 39.94 tonnes Retail investors made targeted use of price corrections to make additional purchases via domestic banks. As a result, the investment sector more than fully offset the slump in the jewellery sector. Domestic production slumps – strategic focus on physical metal In parallel with the shift in demand, domestic supply contracted: China’s mining output from its own raw materials fell by 14.62 per cent to 152.91 tonnes. The main cause was regulatory environmental requirements and safety inspections, which led to temporary shutdowns. By contrast, the processing of imported ores rose by 4.62 per cent to 77.08 tonnes. Overall, domestic production thus fell by 9.01 per cent to 229.99 tonnes. For commodity investors, market expert Willem Middelkoop ( Commodity Discovery Fund ) places these developments within a broader macroeconomic context. He sees a familiar pattern in China’s approach: the state is systematically using price dips to make strategic purchases – much as it has done with oil and copper. Middelkoop does not interpret the recent consistent restriction by major Chinese banks on retail investors’ access to leveraged paper and futures trading on the Shanghai Gold Exchange (SGE) as a market crisis. Rather, he sees it as a state-directed measure to defuse speculative overheating and a targeted redirection of private capital away from paper-based derivatives towards physically backed holdings. By curbing leveraged trades, financial institutions are reducing systemic risks in the domestic market and forcing capital to be tied up directly in physical assets. China thus remains the key driver of the global market: whilst high prices are dampening cyclical jewellery consumption, they are accelerating the strategic, long-term accumulation of physical metal. Against the backdrop of declining domestic production, this development is simultaneously exacerbating China’s structural dependence on imports of raw gold and ores – a trend that is likely to increasingly constrain physical liquidity on Western trading markets. Source： https://goldinvest.de/en/china-s-appetite-for-gold-is-growing-investors-are-increasingly-turning-to-gold-bars-and-coins

Computing power rental prices moved sideways today, with monthly rental and per-card-hour quotes for all models unchanged, mainly because no new resources were released into the market. Meanwhile, DeepSeek announced that it raised V4 series API pricing and introduced differentiated peak/off-peak pricing. Cached input pricing saw significant increases, well beyond the range of cost increases, signaling a pattern of testing the market with higher prices while leaving room for future anchoring. Frontline token businesses face a single pricing source and limited bargaining power, and need to closely monitor token price trends.