Gold has continued to consolidate at higher levels this week, above $2,380 and moving closer again to the psychological important $2,400 level. This is on the back of markets starting to price in a interest rate cut in the US for September.
Data released on Thursday showed central banks are continuing to add to their gold reserves, despite the largest consumer the People Bank of China ceasing gold purchases for the last two months. Citibank on a note released yesterday, sees central bank demand continuing over the second half of the year to reach 1,100 tons which would be a 5.8% over last year. Citi Bank's forecast for gold is $2,600 in 2024.
It's not everyday you get to speak to a 'guru' but that was who I found myself speaking to earlier this week, and it was none other than The Silver Guru himself, Mr David Morgan. David has been a friend of GoldCore for a long time now, and for good reason. He's an absolute gent and always has some fantastic information and comments about the silver market.
Our conversation was so interesting that we split it into two parts. Today, we bring you part one. In this first half, David and I discuss the bullish and bearish trends in the silver market. A lot of people are curious to understand the silver price of late, and David has some useful insights. He touches on the emotional nature of investing in silver, with a particular mention of those who perhaps sell too early and regret it!
About the author
David Russell
GoldCore
David is the CEO of GoldCore.
Until Summer 2023 he was the Director of Marketing and Communications, responsible for all marketing and communications strategies and branding.
David joined GoldCore in 2008 as Director of Business Development and later took over as Director of Marketing and Communications in 2020.
Prior to this Dave managed and operated his own Marketing Agency and completed multiple coaching qualifications.
"Working for GoldCore gives you a fantastic lens through which to view global financial and geopolitical developments. I am very proud to be part of a company that contributes to increasing investors understanding of these developments."
When he’s not at work, David is passionate about sailing and has completed the ‘Round Ireland Yacht Race’ twice.