The World Gold Council's July 1 Mid-Year Outlook 2026 ("Point break") centers H2 fair value at plus-or-minus 5% around ~$4,100, sees central banks as consistent net buyers ~20-30t above the ~600t/yr long-term average, and its 2026 Reserves Survey found 89% of managers expect global central-bank gold to keep rising - the structural debasement bid intact despite the price drawdown.