GoldLockTreasuryGold-backed research desk

Tuesday 18 August 2026

Kampala Bureau

ISSN 2960-4471

Vol. VI

Tuesday 18 August 2026Kampala Bureau · ISSN 2960-4471Vol. VI

Adrian Kessler

Markets Editor, Global Bullion Desk

Adrian is markets editor for the global bullion desk. He tracks spot pricing, ETF and investment flows, official-sector buying, tokenised gold products and the clearing and settlement plumbing that moves metal between London, Zurich and New York.

Articles by Adrian Kessler

01Markets · 11 August 2026Gold settles into a four-thousand-dollar rangeThree months of sideways trade have done more for the metal's credibility than the rally did. A price that refuses to break tells you who is buying.
02Investment flows · 7 August 2026Gold ETF flows turn positive as buyers changeFund flows have recovered without the retail surge that usually accompanies them. Allocation committees, not day traders, are behind the move.
03Supply · 31 July 2026Recycled gold supply responds slowly to priceScrap flows normally surge into strength. This cycle they have lagged, which says something about how the metal is being held.
04Digital assets · 27 July 2026Gold-backed tokens face a redemption testIssuance has been the easy half. The credibility of the category now rests on whether holders can take delivery on the terms advertised.
05Official sector · 25 July 2026Sovereign funds add gold and rewrite mandatesMandate changes are a slower and better signal than flow data. Several large funds have widened their hard-asset bands this year.
06Market structure · 23 July 2026Clearing and settlement risk in the gold marketVolumes have grown faster than the infrastructure clearing them. The plumbing has held so far, which is not the same as being resilient.