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A long-term bull market for gold is John Paulson's framing for where the metal stands today, and his argument is that the move is still early. Demand for bullion, he says, continues to broaden.
Central banks have been adding to their reserves, and private-sector buying is growing alongside that official accumulation.
Two demand channels, one direction Paulson identified two buyer types driving the broadening: central bank reserve accumulation and growing private-sector interest. Both are active at the same time.
A demand profile that draws from multiple buyer categories carries different weight than one concentrated in a single source, and that convergence is the core of his bull case.
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