May 29, 2024<\/p>\n\n\n\n
What is happening with gold and silver is truly remarkable.<\/strong><\/p>\n\n\n\n A Golden Year For Gold: Central Banks Continue Stockpiling<\/strong><\/p>\n\n\n\n May 29 (KWN) \u2013 Gerald Celente: <\/strong><\/p>\n\n\n\n Gold\u2019s price has rocketed up 33 percent since 2023 began, recently topping $2,450 an ounce last week.<\/strong><\/p>\n\n\n\n The surge in demand has not come from individual retail investors; gold-focused exchange-traded funds have seen net outflows of investment over the past three years.<\/strong><\/p>\n\n\n\n The big buyers have been central banksters, grabbing about 2,200 tons, valued at around $170 billion at current prices, since the third quarter of 2022, according to the World Gold Council (WGC)\u2026<\/strong><\/p>\n\n\n\n Central banks account for more than 20 percent of global demand for the metal, the council said. In particular, six central banks\u2014China, India, and Turkey most prominent among them\u2014account for all of the net additions since mid-2022, WGC data shows.<\/strong><\/p>\n\n\n\n China has bought 10 million ounces since November 2022, boosting its gold pile by 16 percent. China now holds about 5 percent of its asset reserves as gold, compared to 3 percent in 2022.<\/strong><\/p>\n\n\n\n The splurge by financial authorities was sparked by Western sanctions on Russian assets after Russia attacked Ukraine. About $300 billion in Russian assets stored abroad remain frozen and there has been talk of seizing those assets to fund Ukraine\u2019s defense or to rebuild the country.<\/strong><\/p>\n\n\n\n TREND FORECAST:<\/strong><\/p>\n\n\n\n Despite our trend forecast that 2024 would be a Golden Year for Gold and despite our Top Trend forecasts being sent across the global media spectrum on January 2nd, they have ignored our on-trend gold and other forecasts. Instead they are selling the bullshit from mainstream \u201canalysts\u201d who never saw the gold trend coming that are saying the hike in gold reserves provides a cushion if China invades Taiwan and incurs sanctions as a result. <\/strong><\/p>\n\n\n\n China is buying gold because Beijing understands the rise in geopolitical tension in the Ukraine War and Israel war that will escalate WWIII and the economic dangers ahead as the global debt crisis worsens and Dragflation persists.<\/strong><\/p>\n\n\n\n Its population also understands what in the world is going on as China\u2019s consumer demand for bullion is #1 in the world, overtaking India as the public buys up more gold jewelry, with sales up 10 percent from 2022 according to the WGC.<\/strong><\/p>\n\n\n\n What About Silver?<\/strong><\/p>\n\n\n\n \u201cWe think gold can continue to make new highs,\u201d states UBS\u2019s Precious Metals Strategist Joni Teves.<\/strong><\/p>\n\n\n\n \u201cSilver has been arguably even more interesting\u2014finally it managed to enjoy some decent catch up with gold,\u201d Nikos Kavalis, managing director at precious metals research consultancy Metals Focus, told CNBC via email. He elaborated that as the market gets more comfortable and convinced of gold\u2019s bullish run, more of these investors are turning to silver.<\/strong><\/p>\n\n\n\n Silver rallied past $31 per ounce to over a decade high last Wednesday amid surging investor interest and supply challenges. It is currently trading at $31.6 per ounce.<\/strong><\/p>\n\n\n\n \u201cWe think [silver is] actually the best-placed precious metal to really benefit from higher gold prices. There\u2019s a very strong correlation there,\u201d said Teves.<\/strong><\/p>\n\n\n\n