Gold’s Price Is Not Natural – Someone Is Steering It

Nov 27, 2025, 11:22 AM EST

In this week’s GoldCoreTV episode, we examine recent analysis from Société Générale along with the interpretation provided by VBL on the GoldFix Substack. Their work suggests that gold demand has become more segmented and that each segment now responds to price in a different way. The most notable development is the rise of inelastic demand from central banks and other official institutions. These buyers continue to accumulate even when prices move higher, which marks a structural shift in how the market functions.

The discussion looks at jewellery, bars and coins, ETFs and central bank flows, and considers how these categories now contribute to price formation. We also explain why Western ETF activity has become more reactive and why long horizon sovereign accumulation appears to be playing a larger role in shaping the market.

If you are following gold as part of your long-term strategy, this episode may provide a helpful framework for understanding the changes taking place.

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About Author

Dave Russell

David is the CEO of GoldCore. Until Summer 2023 he was the Director of Marketing and Communications, responsible for all marketing and communications strategies and branding. David joined GoldCore in 2008 as Director of Business Development and later took over as Director of Marketing and Communications in 2020. Prior to this Dave managed and operated his own Marketing Agency and completed multiple coaching qualifications. "Working for GoldCore gives you a fantastic lens through which to view global financial and geopolitical developments. I am very proud to be part of a company that contributes to increasing investors understanding of these developments." When he’s not at work, David is passionate about sailing and has completed the ‘Round Ireland Yacht Race’ twice.