Sold it at the peak, and then bought it locally a few months later.

> the price of gold continued to rise as they did this

This would mean they sold low and bought high, right?

It’s because they’re using European mathematics. You wouldn’t understand if you’re American.

In reality the article is attempting to account for a capital gain pnl accounting for taxes.

I'm not sure the central bank is paying capital gains taxes?

price of gold dropped from $5500 to $4600 in the last few weeks then came back. all is possible

Then they didn't make money as a result of the price rising, which is what the original commenter and article claimed.

Usually that's how you want your selling and buying combos to be...

But the gold price has been rising (on average) a lot over the period July 2025 to January 2026

From the annual report, it looks like the headline number (XXB gain) is just because it's realized capital gain (which due to their reporting requirement appears in their annual report, unlike unrealized gains).

They have ~same amount of gold between both years and it doesn't look like they took extra market risk.

Impossible to make anywhere close to that amount since they only sold 129 tonnes