The surge in the price of gold is being propelled buy central bank buying and this golden surprise.
Golden Surprise
November 9 (King World News) – Graddy out of Sweden: This ultimate long term HUI chart shows another backtest to black support line.
MAJOR GOLD BULL MARKET LIFTOFF INDICATOR:
HUI Gold Mining Index Headed To New All-Time High
Is it time to revisit the upper trend line of the channel?
Repeat the move from 2000-07?
The setup is there. And it is very valid…
ALERT:
This company is about to start drilling what could be one of the largest gold discoveries in history! CLICK HERE OR ON THE IMAGE BELOW TO LEARN MORE.
Central Banks Buying Gold
Gerald Celente: The world’s central banks stockpiled an additional 399 tons of gold in this year’s third quarter, about twice the previous quarterly record, the World Gold Council reported.
Three-quarters of the banks were not identified in the council’s report.
Most banks report their gold purchases to the International Monetary Fund, although many keep their purchases secret.
Among the most likely secretive buyers:
China, the world’s second-largest economy, rarely publicizes its gold purchases. In 2015, after being silent for six years, the country revealed it held 600 tons more gold than it had previously reported, shocking the market.
China has not reported gold purchases since 2019, fueling speculation that it is among the main recent buyers.
In addition to the 300 tons of gold China mines each year, it has imported 902 tons through October in 2022. It does not report how much goes to commercial uses and how much Beijing squirrels away.
China also has been seeking alternatives to the U.S. dollar for its international transactions. Relations with the U.S. have soured and, after Russia invaded Ukraine, the U.S. showed its willingness to sanction central banks in response to a government’s bad behavior.
Russia is the world’s second-largest gold miner, but its exports have been shut down by Western sanctions as punishment for Russia’s Ukraine war. China and India, which have remained trading partners with Russia, have been reluctant to buy large amounts, according to the Financial Times.
Russia’s central bank might have stepped in to buy what the Kremlin was unable to sell elsewhere, the FT said.
Saudi Arabia and other oil exporting countries may have plowed some of their windfall profits this year into gold as a way to diversify their holdings and safeguard their wealth, the FT added.
TREND FORECAST:
As we have forecast, gold prices have hit their bottom. And with interest rates and inflation rising across the globe which in turn will produce Dragflation—plus our forecasts for geopolitical conflicts to escalate—prices of the world’s most precious safe-haven asset, gold, will continue to rise… and by their purchasing deeds, many governments know it.
In case you missed it…
Kraken Energy Corp. announced that it has commenced drilling at its newly acquired Garfield Hills project in Nevada. This is the first time the Company has drilled the project, which has a history of significant drill intercepts, including 14 metres (46 feet) at 0.26% U308 and 14 metres (46 feet) at 0.18% U308. Phase I of the program includes up to 2000 metres of drilling, which the Company may expand if initial results prove positive.
Kraken CEO Matthew Schwab commented: “Drilling Garfield Hills is a critical next step towards establishing new uranium resources in the US as part of a broader hub and spoke mining model while demand for domestically sourced energy continues to increase.” Also in the Company’s uranium portfolio is the Apex mine, Nevada’s largest past-producing uranium mine, which Kraken’s management expects to begin drilling during the first half of 2023.
Kraken has assembled a world-class team of uranium experts, which now includes five former employees of the $2.77 billion NexGen Energy, having recently appointed a new Senior Geologist, to aggressively advance the portfolio of high potential uranium projects. Kraken Energy, symbol UUSA in Canada and UUSAF in the US.
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***To listen to Nomi Prins discuss what this means for the US dollar and the gold market going forward as well as what else investors should be aware of in global markets as we near the end of 2022 CLICK HERE OR ON THE IMAGE BELOW.
***To listen to Alasdair Macleod discuss the massive gold and silver deliveries from COMEX as well as the short squeeze in the metals markets CLICK HERE OR ON THE IMAGE BELOW.
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