**Response to @balajis:**
"European central banks decided to diversify out of gold...emerging markets, in contrast, started to diversify into gold after the Global Financial Crisis." elibrary.imf.org/view/journa… (https://www.elibrary.imf.org/view/journals/001/2023/014/article-A001-en.xml)
https://nitter.moomoo.me/balajis/status/1643189402276081664#m