Thanks Peter, some good insights in your comment. Gold is trading close to 6 year highs some pullback is to be expected. We are seeing the Fed go from tightening to easing showing concerns over the economy. China as you mentioned have purchased close to 100 tonnes of gold, stockpiling. They will continue to buy as well as other central banks as global recession concerns loom as we head to the deep end of the debt cycle. They are in my opinion positioning themselves for the USD potentially losing it’s reserve currency status. The question that raises is what would the world use as a reserve currency if trust in the USD was lost ? It will not be another fiat currency, it will be a real physical currency in gold or backed by physical gold.
SAR Price at posting:
$3.23 Sentiment: Buy Disclosure: Held
