Central banks around the world are continuing their gold-buying spree, with an estimated 289 metric tonnes purchased in the second quarter of 2026 alone. Poland and China were among the major buyers, reinforcing gold's appeal as a diversifying asset for national reserves. According to the World Gold Council, reported net purchases reached 39 tonnes in August, while preliminary September figures cited by the Financial Times put purchases at approximately 63 tonnes, the strongest monthly buying since November 2024.
Analysts like David Einhorn of Greenlight Capital argue that persistent deficits and weak fiscal discipline strengthen gold's investment case. Einhorn has even suggested that gold could outperform the Nasdaq over the next three to five years. Meanwhile, Goldman Sachs has reiterated a $5,400 per ounce gold forecast by the close of 2027, despite the latest interest rate increase from the Federal Reserve. Analyst Lina Thomas expects strong central bank buying to offset any slowdown impact from higher interest rates.
One of the potential beneficiaries of this gold rush is Blue Jay Gold Corp. The company announced a materials purchase agreement with Ocean Partners UK Limited, supporting its Steller Gold Project in Yukon. The agreement provides for the sale of remediation material and gives Ocean Partners exclusivity over the purchase of any further remediation stockpile and similar material from Steller during 2027. The remediation material will be shipped to the Port of Skagway, making the remediation work more sustainable and turning a remediation obligation into a source of non-dilutive capital.
Blue Jay Gold intends to complete a Preliminary Economic Assessment in the first half of 2027, evaluating a direct shipping ore option for the current Steller Mineral Resource under a life-of-mine scenario. The project is well-positioned with road access to both Whitehorse and the deep-water port of Skagway, Alaska. Ocean Partners will pay 90% of the estimated value of each shipment shortly after loading, with the balance settled on final weights and assays.