RED - CHART, page-70

Gold has quite a few significant tailwinds ATM - 3 in particular being Fed possible pause, possible recession and as discussed below regional banks. POG will probably keep increasing for the rest of the year (but will be volatile).

It will be interesting to see what happens to POG overnight and in next few days and months based on the AFR article regarding g regional banks (see below).. The US regional banks are looking very shaky which will be good for POG (it has so far).

This situation will take quite a while to fully play out- particularly as the regional banks have the substantial proportion of loans to commercial real estatie which look to have a lot of defaults occurring in 2023 (with some notable ones happening already.

AFR article just now stating more US banks in trouble Pacwest down 60% last night after trading (ie after formal trading ceased), another bank down 38% in same period (Western Alliance Bancorp)are earning gof further banking stress to come.

The dominoes are falling. Bill Acknan (billionaire hedge fu d manager) and a former Fed member are warning of further banking stress to come. AcKman stated ‘as each domino falls, the next weakest bank begins to wobble.

The article notes there are very few buyers to rescue the regional banks.