The State Oil Fund of Azerbaijan signals that it plans to increase the share of #gold in its portfolio this year. As a reminder, they added 45 tonnes to their holdings in 2024, lifting them to 146.6 tonnes (20.6% of the fund).📈 SOFAZ is the only Sovereign Wealth Fund (SWF) that goes public about its gold buying but there are other SWFs buying gold. The World Gold Council knows the identities, but won’t say.😅 *PHYSICAL GOLD STRESS*📊🤯 Refineries Imposing Surcharges and Suspending Production: Metalor, one of the leading Swiss refineries, has recently introduced a per-oz surcharge on all its gold products due to shortages ... Another major Swiss refinery, Argor-Heraeus, has suspended orders *Source: Bullionstar*