Gold Going East
If you think the price of gold is going to go up you would be correct to think so. Since mid 2020 the price has remained elevated fluxuating around an average of about $1850. Esentially flat.
The article below details gold buying demand and since the start of the year gold is up on the year and gold buying has been accelerating and the reasons for that will only increase. BRICS + are meeting in August which may give further imputus to gold demand. China is encouraging individual gold buying. Gold is a tier one asset now. It is a reserve currency. That and global tensions are propelling central bank buying. There is a considerable amount hedging against a declining USD reserve currency strength.
There have been 3 spikes up to the 2,000 range in the gold price since mid 2020.
https://www.zerohedge.com/commodities/golds-steady-migration-west-east
Gold is down at about $1924 as of now. The last peak was a higher high at $2,085. The 50 moving average has pulled down over the last two weeks but is still below the price line. Difficult to say if the price will turn back up. The next week or two should tell.
Calibre has been tracking the gold price which is the main driver behind a pull back over the last two weeks. So watch the gold price for a buy in signal. When the gold price starts its climb again Calibre should accelerate up even more than the gold price because Calibre has been increasing production which will make it an even bigger beneficary of a rise in the gold price.
I think it will be next week because the pull back in the price of gold over the last two weeks is not convencing with volume trading dropping off.
https://stockcharts.com/freecharts/gallery.html?%24GOLD