Post by
geezer21 on Jun 27, 2023 10:03pm
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 peck 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.
https://stockcharts.com/freecharts/gallery.html?%24GOLD