Another sign of this is falling gold purchases by central banks.
BI: Gold's biggest buyers aren't buying like they used to
The world's central banks are still net buyers of gold, but they may be slowing down those purchases.iFeng: 全球央行停止买黄金了 只剩俄罗斯和中国还在买买买
Central banks bought an estimated 166 tonnes of gold and sold 22 tonnes in the first half of 2016, according to Macquarie analysts, making a net purchase of 144 tonnes.
This was not much changed from the net purchases they made in 2013 and 2014, but it was less than the 179 tonnes they bought at the same time last year, Matthew Turner and his team wrote in a note this week.
"There is still no appetite for sales, but outside of Russia and China few purchasers either," Turner wrote. "The outlook is for lower but still substantive net purchases."