Ann: 2022 AGM Presentation, page-204

Maybe its because China bought 300 tons Esra? Lot of countries have been buying the dips with record central banks purchasing. Bitcoin, et al, not safe, so overflow back into the traditional area of gold for those that don't trust Fiat currencies. Aussie dollar up too because commodities are in demand. People still got to eat. Petro dollar influence has died with the Saudis now trading oil with China using yuan, gold backed currency in their latest trade agreement. There is blatant countering of USA influence by others around the world. Poms broke. Gold is now money again for trade after BIS rulings. New paradigm. Value will be determined by commodities and exchange rates, not so much interest rates which have in the last few decades mitigated against gold rising when they were raised. The capacity to raise interest rates significantly, has been limited by money printing and the debt countries find themselves in. Money represents a promise to pay. The promises keep getting broken. The only way out of the stagflation is to increase productivity. The problem the US faces is one of supply of goods and services being produced at home. Australia had adopted a just in time philosophy too which has screwed manufacturing by having it outsourced from overseas. Strategic blunder by a few in power enabling it to line their own pockets. As some say, they would sell off their own grandmother. No financial accountability. The big lesson from globalization, war and Covid is that we have to adopt a just in case philosophy from a national perspective with like-minded allies by storing and making a few things ourselves. It seems, never the twain shall meet. Sad.