Fundamental Great Gold Standard - China boosts gold reserves for eighth month
By Sybilla Gross Bloomberg News Friday, July 7, 2023
China added to its gold reserves for an eighth consecutive month, with economic and geopolitical risks as well as a desire to move away from the U.S. dollar driving the purchases.
People's Bank of China holdings of bullion rose by 680,000 troy ounces last month, according to official data released today. That's equivalent to 23 tons. Total stockpiles now sit at 2,330 tons, with around 183 tons added in the run of buying from November.
China has be en an enthusiastic buyer of gold, partly due to its desire to chip away at the dominance of the dollar in global market. It is also struggling with a disappointing recovery from the pandemic, and an increasingly strained relationship with the United States. ...
Gold inches higher ahead of today’s all-important unemployment, payrolls numbers Goehring & Rozencwajg sets long-term price target for gold at $12,000 to $15,000 (!!)
(7/7/2023) – Gold inched higher in early trading ahead of today’s all-important unemployment and payrolls numbers. It is up $6 at $1919.50. Silver is up 4¢ at $22.79. The bond market continued its plunge, with yields surpassing critical upside levels – 4% on the 10- year and 5% on the two-year. Goehring & Rozencwajg, the natural resource investment firm, caught our attention recently with a long-term gold price target of $12,000 to $15,000 an ounce. It’s been out of the gold market over the last two years, it says, but now it is getting back in.
“We think that gold has entered into a new phase of this bull market,” says Adam Rozencwajg in a recent interview. “It probably started in the third and fourth quarter of last year, and it really revolves around central banks’ behavior as much as anything else. I think it’s going to propel gold much much higher in this leg of the bull market.” As for the ultra-high price target, Rozencwajg says, “That’s always been our long-term price forecast on gold.”
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