According to @KobeissiLetter, global central banks bought 53 tonnes of gold in October, the highest monthly total since November 2024, a 194 percent jump versus July, and the third straight month of acceleration. Source: The Kobeissi Letter on X, December 4, 2025. Central bank net buying has been a key pillar of gold demand in recent years, which World Gold Council research identifies as an important driver of price resilience when official sector flows remain strong, a dynamic traders monitor alongside real yields and the dollar. Source: World Gold Council Gold Demand Trends 2022 to 2024 and Gold and US rates research. For crypto positioning, BTC has shown episodes of positive short term correlation with gold during macro stress, which Kaiko Research documented in 2023 to 2024, so traders often watch official sector gold flows as a macro hedge signal when sizing BTC exposure. Source: Kaiko Research Market Updates 2023 to 2024.

According to the source, a social post asks which reaches 5000 first, ETH or gold, framing a relative trade between a high-beta crypto asset and a macro-driven commodity; source: original social post. For ETH, the EIP-1559 fee-burn mechanism reduces net supply as on-chain demand rises, tightening float and increasing sensitivity to network activity; source: Ethereum Foundation EIP-1559 documentation. U.S. spot ETH ETFs enable creations and redemptions that can convert traditional inflows into underlying ETH demand and affect spot-futures basis dynamics; source: U.S. SEC spot ETH ETF approval orders and issuer prospectuses. Proof-of-Stake staking removes ETH from liquid circulation and pays protocol rewards, which can amplify price impact from incremental flow changes; source: Ethereum Foundation Proof-of-Stake and Beacon Chain documentation. For gold, price performance is closely tied to U.S. real yields and the dollar, with lower real yields historically supportive for gold; source: Federal Reserve economic data and World Gold Council research. Central bank net gold purchases have been a persistent demand pillar, supporting dips and tightening available float; source: World Gold Council quarterly demand trends. Traders comparing paths to 5000 should track ETH ETF net creations, gas burn and L2 activity alongside U.S. real yields, dollar index levels, and central bank gold buying to calibrate relative momentum; source: ETF issuer flow reports, Ethereum network statistics, Federal Reserve data, and World Gold Council updates.

According to The Kobeissi Letter, China’s central bank increased its gold holdings by approximately 70,000 troy ounces in April 2025, reaching a record 73.8 million ounces. This marks the sixth consecutive month of gold accumulation, with total holdings up nearly 1 million ounces during this period (source: The Kobeissi Letter, May 9, 2025). For crypto traders, sustained gold purchasing by China signals heightened demand for alternative stores of value, reflecting ongoing concerns over fiat currency stability. This trend supports bullish sentiment for Bitcoin and other digital assets often considered 'digital gold,' particularly as global investors seek diversification amid central bank moves (source: The Kobeissi Letter, May 9, 2025).

According to @KobeissiLetter citing @TaviCosta, central bank gold purchases remain historically strong, with gold holdings as a percentage of global reserves reaching approximately 18%, the highest level in 26 years. Simultaneously, foreign holdings of US Treasuries have fallen to about 23% of total US government debt, the lowest in 22 years. These shifts indicate a significant move away from US Treasuries toward gold as a reserve asset, suggesting potential volatility in the bond market and increased demand for gold. Traders should monitor treasury yields and gold prices closely, as these macro trends may drive further capital flows into precious metals and away from US debt instruments (source: @KobeissiLetter, @TaviCosta).