Not only don’t we know how much physical gold is there, but we don’t know who actually owns it. The U.S. stores the gold for numerous foreign countries.
ICBC, China’s largest bank and the world’s largest by assets, is ending individual customer access to precious-metals trading through the Shanghai Gold Exchange.
With the conflict between the U.S. and Iran heating up again, we will likely see continued selling pressure. Wong said we need a catalyst for gold to break higher.
Oil prices got more realistic and rose and held above $91/bbl for Brent crude, and Goldman Sachs said prices could easily go above $120 if the Gulf chokepoint crisis worsens. It did.
Gold is therefore being pulled in two directions. It is attracting demand as geopolitical risks increase, but it is also contending with elevated bond yields and a relatively firm dollar.
