China is continuing to add to its massive gold hoard as it continues large gold buying spree.
The Golden Slingshot
April 8 (King World News) – Graddhy out of Sweden: The red slingshot parabolic move for gold is still in play, as long as the red parabolic curve is not broken to the downside.
KING WORLD NEWS NOTE: Gold Continues To Trade Well Above Red Parabolic Trendline
The large recent drop backtested it so far.
Shared this setup first time at blue breakout. Few believed. And, said at blue breakout that the probabilities favoured gold doing a historical runaway lockout move, i.e. not backtest the blue breakout. And that is what happened.
As always, we were ready for this below, and we have caught the whole up-move with most of the portfolio. This while many have called the top / bailed repeatedly on the way up from the breakout 26 months ago (which we called in real-time).
Furthermore, we did call the lows for USD and been saying it could have a larger move to the upside here. USD is now still at important $100.40 resistance level.
A very strong bull move is characterized by one consolidation pattern forming after another, as we have here with the green patterns.
If that red parabolic trend line is to hold, the way is still up.
Gold Bull Market
Graddhy out of Sweden: Said it back in 2002 before the blue mega breakout, plus back in late 2023 before the blue mega breakout:
For Heaven’s sake, do not miss this historical bull market!
KING WORLD NEWS NOTE: Gold Bull Market In 3rd And Final Phase
It pays to look for real value. And, to follow the right people.
And yes, all bull markets have small and big pullbacks.
Silver Breakout
Graddhy out of Sweden: Been posting that this ratio was bottoming. And with silver’s huge move lately, it has now broken out above blue line.
KING WORLD NEWS NOTE: Silver Needs To Soar 30x In Price To Reach The Old Highs vs NDX Tech Stocks
As been saying – these market opportunities are extremely rare, maybe once or twice in a lifetime, so make the most of it…
Listen to the greatest Egon von Greyerz audio interview ever
by CLICKING HERE OR ON THE IMAGE BELOW.
China Buying Large Amounts Of Gold
Peter Boockvar: What does China buy as they reduce their holdings of US Treasuries? They continue to buy gold.
In March, they took their holdings to 74.38 million troy ounces from 74.22 million in the month before. Notice in the chart how buying picked up steam in 2022. That was in response to the EU and US freezing half of Russia’s central bank reserves. And as foreign official holdings of US Treasuries are around the lowest level since 2012, China has not been the only one making this swap.
China US Treasury holdings in orange in US$ & physical holdings in gold tonnage per ounce in white as of February.
KING WORLD NEWS NOTE: China Continues Adding To Its Massive Gold Hoard (WHITE LINE) While Selling US Treasuries (YELLOW LINE)
Greyerz’s Latest Predictions For Gold, Silver And More!
To listen to legend Egon von Greyerz discuss what investors all over the earth should be doing with their money as well as what to expect in the future CLICK HERE OR ON THE IMAGE BELOW.
RELEASED!
To listen to Alasdair Macleod discuss what to expect next after the wild trading week in global markets CLICK HERE OR ON THE IMAGE BELOW.
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