For four decades after 1970 central banks generally ran down their gold stocks, but have now returned to the historical norm of the previous 100 years of preferring accretions to disposals.

Annual net purchases of 350 tonnes a year over the past eight years have been in line with the 100-year average up to 1970 — reflecting the metal’s renewed attractiveness as a safe haven asset in an environment of uncertainty and low or negative interest rates.

In the further development of the ages of gold, the metal’s monetary renaissance that started in 2008 may have some way further to run.