Central gold bank buying binge causes gold price to explode higher.
July 11 (King World News) – Peter Boockvar: I need to mention gold again as it hovers around record highs and we remain bullish and long.
Central Banks Purchased All-Time Record Over 1,000 Tonnes Of Gold In 2022 & 2023. On Pace To Do So Again In 2024 Causing Gold Futures Today To Surge To $2,430, Near All-Time High!
I do so after reading a Bloomberg News story talking about a UBS survey of central bank reserve managers. The article, citing the UBS report which I don’t have, said:
“Central bank reserve managers are increasingly worried about the safety of their currency assets, citing rising geopolitical risk across the world…The so-called ‘weaponization’ of FX reserves was listed as a top risk by a third of the participants, double last year’s amount. The biggest concern for 87% of 40 central banks surveyed by UBS was a further escalation in the tensions between Russia and Ukraine, China and the US, as well as the situation in the Middle East.”
And what these worries mean?
“The worry is that central bank assets could be sanctioned, seized or trapped if conflicts escalate.”
Central banks bought over 1,000 tons of gold in 2022, a record amount, bought a similar amount in 2023 and are on track to do so again in 2024.
Michael Oliver Just Predicted Parabolic Gold & Silver Moves Coming!
To listen to Michael Oliver discuss the shocking moves he predicts for gold and silver CLICK HERE OR ON THE IMAGE BELOW.
New Release!
To listen to James Turk discuss why the gold and silver shorts may be in for a 2010-2011 event that rips their heads off CLICK HERE OR ON THE IMAGE BELOW.
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