It's amazing that for two years in a row, central bank gold buying has surpassed 1,000 tons. 2023's total of 1,037 tons fell shy of just 45 ton for the previous year 2022 which in itself, was a record breaking year. This has certainly helped the price of gold which has surpassed the $2,000 mark a few times since August, 2020.
The Chinese lead with their gold purchases. Singapore and the Philippines added gold as did Turkey. This has ultimately pushed the price of gold up to around the $2,040 mark we see lately. Again, this morning gold passed $2,040 and there's talk of gold going to $2,100 if the FED cuts rates sometime later this year.
I often look at oil prices and today, there doesn't appear to be much happening. WTI is up half a percent so nothing to worry about... for now. The dollar's been flying high for the last month, up two full points yesterday and the day before but has retreated by half a point to 104.052 at time of writing and is up 1.58%
It's Bitcoin that's decided to show some umph today, charging up more than $1,000 to where it now sits at $44,236. Is it still going to $50,000 as I speculated in a recent post?
What gets me though is the awful price action we're seeing in the price of silver. Silver is used in all sorts of things and demand has been through the roof and we now know that for the third consecutive year, the sector has recorded a massive deficit. You'd think that would push prices up, not down.
Is silver a screaming buy? It is a precious metal after all. It's getting hard not to notice that more and more of it seems to be disappearing as time goes on. Oh, and the silver to gold ratio hit a high of 91.63:1 today. The historical average is around 15:1. Yea, silver is screaming 'BUYMEEEE' right about now!
It's such a small market.
Peace and love to everyone!
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