BofA-North American Precious Metals Weekly Central Banks ETFs continue buying gold. AUGO...-20251214

Central bank and ETF gold buying remain price-supportive

In the past week or so we received data on global central bank and global ETF netpurchases of gold for October and November 2025, respectively. Both continued toprovide sources of net demand for physical gold, and thus, were supportive of goldprices. We anticipate both to remain net purchasers of gold for the foreseeable future.We also highlight takeaways from last week's Aura Minerals (AUGO) 2025 Investor Day.

Central bank gold purchases remained robust in October

On 2-Dec-25, the World Gold Council (WGC) reported that net central bank goldpurchases for October 2025 totaled 52.8 tonnes (t). This was well above the monthlyaverage so far in 2025 of 26.8t and remains historically strong. Brazil led central bankgold purchases with 16.0t. We think central banks are buying gold to diversify reserves,reduce reliance on the USD, and hedge against inflation and economic uncertainty, atrend that we think is set to continue. Please see the exhibits on page 3.