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Have a look at who bought 200,000 ounces of gold just before it surged

Kitco reports on a purchase by Russia (the Russian central bank) 

(Kitco citing Russian central bank press release)
  • buying another 200,000 ounces or 6 tonnes of gold in May
  • total Russia total gold holding now at 2,190 tonnes (as of June 1)

Russia is not, of course, the only buyer, China (and others) have been huge buyers as reported in March, April, May (and further back!). For example:

ForexLive

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