Other things to also consider;
Saudi's not renegotiating with US to price oil in USD. That deal expired June 9th.
BRICS nations (the list of affiliates is growing and Saudi's want to be a part of it) buying gold to back BRICS currency. This weakens the USD as world reserve currency.
A number of central banks still buying gold. Gold price is rumoured to be suppressed by those behind the curtain, BIS etc. Look for interview with Luke Gromen, has a very interesting take on this. One of his points is that the US actually has the ability to re price gold, despite what global markets will say, the US govt can re price an ounce of gold. So....my cynical view, as all central banks work together often.....once they have all finished buying gold, does the US re price gold and this helps to offset their debt? Many other countries also have serious debt issues and they will also be happy for gold to reprice to help balance their books.
To me...it all equals gold has some possibly major upsides yet. But plenty of fear mongering and volatility ahead.
Other things to also consider;Saudi's not renegotiating with US...
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$1.38 |
Change
-0.040(2.83%) |
Mkt cap ! $1.521B | |||
| Open | High | Low | Value | Volume |
| $1.42 | $1.42 | $1.33 | $11.47M | 8.356M |
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| No. | Vol. | Price($) |
|---|---|---|
| 1 | 10000 | $1.37 |
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| Price($) | Vol. | No. |
|---|---|---|
| $1.38 | 100000 | 1 |
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| SPR (ASX) Chart |