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 top buyers, signaling a strong trend toward diversifying reserves. The World Gold Council reported that net purchases reached 39 tonnes in August, while preliminary figures for September suggested even stronger buying at approximately 63 tonnes, the highest since November 2024. This sustained demand is seen as a bullish signal for gold and related stocks, including Blue Jay Gold (TSXV: JAY) (OTCQB: JAYGF), Newmont (NYSE: NEM), Franco-Nevada (NYSE: FNV) (TSX: FNV), Wheaton Precious Metals (NYSE: WPM) (TSX: WPM), and Iamgold Corp. (NYSE: IAG) (TSX: IMG).
Gold's appeal is further strengthened by persistent fiscal deficits and weak discipline, according to Greenlight Capital founder David Einhorn. He predicts that gold could outperform the Nasdaq over the next three to five years. Goldman Sachs has also reiterated a $5,400 per ounce gold forecast by the close of 2027, despite recent interest rate hikes. Analyst Lina Thomas believes that strong central bank buying will offset any slowdown impact from higher interest rates.
One of the potential beneficiaries of this gold rush is Blue Jay Gold Corp., which recently announced a materials purchase agreement with Ocean Partners UK Limited. The agreement supports Blue Jay's Steller Gold Project in Yukon and involves the sale of remediation material from the site. Ocean Partners will have 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, Alaska, under the agreement.
Blue Jay Gold plans to complete a Preliminary Economic Assessment (PEA) in the first half of 2027 to evaluate a direct shipping ore option for the Steller Mineral Resource. The project benefits from its infrastructure advantage, being connected by road to both Whitehorse and the deep-water port of Skagway. Ocean Partners will advance 90% of the estimated value of each shipment shortly after loading, with the balance settled on final weights and assays. Proceeds from the sale will fund exploration at Steller and provide general working capital.