The Daily Gold, Released on 2/14/24
Gold stocks are approaching extremely oversold levels and their valuations are near all-time lows. Sentiment is in the toilet. The common denominator behind the biggest rebounds in the gold stocks (as seen in 2008, 2016 and 2020) was the big move in Gold each time. If Gold makes a quick move from $1870-$1900 to $2400-$2500, then gold stocks will repeat their performance from those three examples.
Intro 0:00
GDXJ Breadth Indicators 0:26
Valuations & Sentiment 3:06
Gold Price 5:14
Conclusion 7:06
China’s central bank buys 10 tonnes of gold, extending its buying spree to 15 straight months
(Kitco News) – China’s central bank slowed its gold purchases at the start of the year; however, it is on pace to match and potentially exceed its last shopping spree nearly eight years ago.
Wednesday, Krishan Gopaul, market analyst at the World Gold Council, said in a social media post that the People’s Bank of China bought 10 tonnes of gold in January.
Gopaul noted that this is the 15th consecutive month China has increased its official gold reserves; however, purchases are half the average since the central bank started its buying spree in November 2022.
“Total gold holdings now stand at 2,245t, nearly 300t higher than at the end of October 2022,” said Gopaul in the post.