Hi ChristopherC, Putin’s reserve bank is one of the biggest buyers if gold currently. They are trying to move away from the US dollar and it’s Swift payment system. To do this they need to back the rouble with gold. China are doing the same, as is Iran and any other country that the US weaponises the dollar against. Turkey can be added to the list of attempting to move away from US dollars. The Central banks of these countries are big buyers of gold and this sets a floor price. Happy for Putin to be a stabilising influence, but this is not reducing the price if gold. When people realise that low interest or negative interest rates are with us, then hold will shine with other precious metals as an investment to protect their spending power. SAR as a producer with ASIC around $1000 Aud looks a one way bet. Happy to hear otherwise, but mid and big tier companies with no debt are increasing as the scarcity of gold and negative interest rates hit.
SAR Price at posting:
$3.84 Sentiment: Hold Disclosure: Held
