Weekly Gold Update CHINA EXTENDS BUYING STREAK TO 21 MONTHS The People's Bank of China added roughly 20 tons of gold to its reserves in July, its largest monthly increase since October 2023 and a 21st consecutive month of accumulation. Goldman Sachs now expects official-sector buying to average about 60 tonnes per month through 2026. Poland remains the year's largest buyer, adding 51 tonnes in Q2 to reach 632 tonnes against a stated 700-tonne target. GOLD ETF AUM HITS A NEW RECORD The World Gold Council reported US$3 billion of net inflows into physically backed gold ETFs in July, pushing total holdings to 4,068 tonnes and assets under management to a record US$530 billion. European funds led with US$2 billion, paced by the UK at US$875 million and Switzerland at US$657 million, while Asia added US$616 million on safe-haven demand out of China. BARRICK AND NEWMONT BUILD A 100M OUNCE NEVADA COMPLEX $B and $NEM agreed to expand the Nevada Gold Mines joint venture, with Barrick vending in its Fourmile project and Newmont contributing Mike and Fiberline. The combination creates a nearly 100-million-ounce gold complex and resolves all outstanding NGM disputes, with Newmont paying Barrick a $1.95 billion cash top-up within thirty days. Newmont also consented to Barrick's planned IPO of its North American assets, targeted for year-end. Barrick reported Q2 production of 796,000 ounces, 11% above Q1 and ahead of guidance, on $5.29 billion of revenue.