Ann: Operational Update, page-268

Gold purchases are no longer about short-term hedging. They signal balance-sheet strategy.

Its been widely touted around financial and markets news that the frenzy of retail purchases has inflated the gold price to unreasonable and unsustainable levels, up to a point im sure.
Many are warning of a potential drop and advising caution. Ive recently read that central bank buying is orderly and measured, i dont agree.
Jefferies released a report on gold accumulation among nations and non-sovereign entities.
Exerts from a digital publication.

*Founded in 1962, the New York-based investment bank Jefferies advised governments, corporations, and institutional investors through inflation cycles, commodity booms, and financial crises.*
That history is what makes its latest observation stand out.In a recent report, Jefferies analysts noted an unexpected surge in physical gold buying by a non-sovereign entity, at a pace that now rivals national central banks.According to the analysts, roughly 32 tonnes of physical gold were accumulated in late 2025 and January 2026 alone, placing the buyer among the most aggressive purchasers of bullion globally during that period.
Only Brazil and Poland, both sovereign nations, were estimated to have bought more over the same timeframe.In total, Jefferies estimates the entity now controls at least 148 tonnes of gold, valued at approximately $23 billion, enough to rank within the top 30 gold holders worldwide, surpassing several mid-sized countries.

Gold has been in a historic rally, recently crossing $5,500 per ounce and rising nearly 50% since September, driven by central bank demand, the report states rising long-term bond yields, which i dont see and growing efforts to reduce reliance on the U.S. dollar.
*Jefferies analysts framed the accumulation as part of a broader shift in how large pools of capital are positioning for long-term monetary uncertainty.*

At this scale, gold purchases are no longer about short-term hedging. They signal balance-sheet strategy.

I recently wrote how "Tether" is accumulating large amounts of physical gold, 23 billion big ones making them a top 30 holder of BULLION. What a coincidence. Dont know why they just didn’t name them.
Imho its looking like every man and the proverbial dog is getting in one way or another.
I can only imagine how many more enterprises are allocating funds to gold bullion.
I can't see confidence returning to the old world systems which are in flux.The new world is yet to be adequately understood by *anyone* ....Our CEO was recently interviewed on w*ll sT**t week 3 days ago. Its titled" How the debt problem is fuelling the gold market".
NST is looking very good and our ceo instills confidence with a good contemporary, strategic and prescient mind.