from Jesse’s Café Américain:
Apparently those lower gold prices proved attractive to the BRICS.
Not all the economic theorems are utopian myths. Supply and Demand still works now and then.
There was a sea change in the international gold markets around 2005, as central banks became net buyers for the first time in over twenty years, and few even know about it. Russia saw it’s largest monthly purchase of gold in 15 years with 1.2 million ounces. China’s had its third largest flows of gold bullion from Shanghai at 68.4 tonnes after it’s week long holiday. And there is a similar story for India, except there the people are buying and the government sahibs would like to resist with import fees. Or maybe they just simply cannot.
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