Today the price of gold futures hit an all-time high $2,580 as central banks continue to stockpile gold, even at record prices.
Central Banks Still Stockpiling Gold, Even At Record Prices
September 12 (King World News) – Gerald Celente – The world’s central banks more than doubled their July purchases of gold to 37 tonnes as gold prices set new records during the month. The figure is 206 percent more than in June and the most in any month this year, the World Gold Council (WGC) reported.
A tonne is a metric ton, equivalent to 2,200 pounds.
Seven central banks added to their gold stores. Only one reduced its holdings, according to the WGC…
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The National Bank of Poland bought 14 tonnes in July, its largest purchase since last November, bringing its total additions since April to 33 tonnes. The bank now has 392 tonnes of the metal, accounting for 15 percent of its total reserves.
The Central Bank of Uzbekistan bought 10 tonnes, boosting its tonnage to 375. The Reserve Bank of India bought 5 tonnes. The central banks of Jordan and Turkey each bought four tonnes. The Czech National Bank and Qatar Central Bank added two tonnes each.
The Central Bank of Kazakhstan was the only net seller, parting with four tonnes.
“While the overall level of reported demand has cooled as the gold price has continued to rally to new record highs, it has nonetheless remained positive,” WGC senior analyst Krishan Gopaul said in a statement.
Central banks will continue to buy gold, he added.
“Our latest central bank survey…highlights several reasons, such as gold’s role as a store of value and its performance in times of crisis,” he wrote in a statement. “Despite the elevated price, central banks are still keen to accumulate gold. We continue to be confident in our expectation that more buying is to come.”
TREND FORECAST:
Again, this is old news for Trends Journal subscribers, since one of our Top Trends for 2024 was A Golden Year for Gold.
As we see the future, this is just the beginning of a new gold spike. What is absent in most of the reporting by the mainstream business media are the Israel and Ukraine wars which keep heating up. When, not “if” Ukraine ramps up its attacks on Russian oil depots, pipelines, refineries, etc., and Iran has a direct military confrontation with Israel, Brent crude will nearly double in price from its current rate per barrel… which will in turn crash equity markets and the global economy. And when both crash, gold prices will spike to around $3,000 per ounce.
Stock Market Bubble To Pop!
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Prins Predicts $4,000 Gold Price & Much More
***To listen to Nomi Prins’s predictions for the price of gold, silver, uranium, interest rates and much more CLICK HERE OR ON THE IMAGE BELOW.
Just Released!
***To listen to Alasdair Macleod’s just released audio interview discussing the Russian gold buying along with other central banks and much more CLICK HERE OR ON THE IMAGE BELOW.
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