Gold has hit another ATH above $4,700/oz

▸ Price is up ~60%+ year-on-year, extending a multi-year trend

▸ Volatility remains lower than risk assets, showing controlled demand

▸ Central banks bought 1,000+ tonnes of gold in the last year

▸ Gold reserves now make up ~15%+ of global central-bank reserves

$XAU ain't stopping.