from SD Bullion:
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Silver: A Weapon of Mass Financial Destruction?
by Ed Steer, Silver Seek:
The gold price wandered/crept quietly, broadly and unevenly higher until minutes before 1 p.m. BST in Globex trading in London. Then a rally of some size erupted — and from its quiet saw-tooth pattern thereafter, it was obvious that it was running into quiet opposition all the way up until its high tick of the day was set a couple of minutes after 3 p.m. in after-hours trading in New York. Very shortly after that it had a quiet and descending down/up move that ended about fifteen minutes before the 5:00 p.m. EDT close.
The low and high ticks in gold were reported by the CME Group as $2,356.00 and $2,401.50 in the August contract. The August/October price spread differential in gold at the close in New York yesterday was $23.40…October/
Even Nigeria Plans to Bring Gold Reserves Home to Minimize Risk
by Mike Maharrey, Gold Seek:
Nigeria is bringing its gold reserves home to keep it safe.
According to a report by The Star, Nigerian officials decided to repatriate the country’s gold in April “to mitigate risks associated with the weakening U.S. economy.”
“Economic indicators such as rising inflation, escalating debt levels, and geopolitical tensions have raised apprehensions among Nigerian policymakers about the stability of the U.S. financial system.”
Nigeria holds about 21 tons of gold in its reserves.
Is China Hiding How Much Gold It Really Has?
by Michael Maharrey, Money Metals:
A few weeks ago, gold sold off on news that the People’s Bank of China didn’t add any gold to its reserves in May.
At the time, I called it a “kneejerk reaction,” and said the news wasn’t “a particularly good reason to sell gold.”
“The fact the PBoC didn’t buy any gold in May is certainly interesting, but it hardly counts as earthshaking news. Standing pat for one month doesn’t mean “China has stopped buying gold” as some news outlets framed it.”
Before the news, China had bought gold for 18 straight months. It ranked as the biggest central bank gold buyer in 2023. Officially, the People’s Bank of China added more than 300 tons of gold to its reserves during its buying spree.
Half Done Is Just Begun
by Craig Hemke, Sprott Money:
First Half of 2024 Recap: Gold and Silver Prices
It has been a very busy first half of 2024 for gold and silver prices, and price volatility should be expected to continue through the second half of the year. With that in mind, let’s take stock of what has been accomplished so far and what we might expect in the months to come.
Central Banks’ Appetite for Gold Hasn’t Been Satisfied
by Mike Maharrey, Gold Seek:
Central banks have been gobbling up gold, and based on responses to the World Gold Council’s 2024 Central Bank Gold Reserves Survey, their appetites for the yellow metal aren’t going to be satisfied any time soon.
Last year, central banks added a net 1,037 tons of gold to their reserves, just slightly below the record of 1,082 tons in the previous year.
That pace of buying will likely continue.
Based on a World Gold Council survey that included 70 respondents, 29 percent of central banks plan to add more gold to their reserves in the next 12 months. The WGC said it was the highest level since the survey began in 2018.
