The last time the Bank of Korea expanded its gold reserves was 13 years ago. The country currently holds just over 104 tonnes of gold, about 1.1 percent of the country’s total reserves.
Fidelity International trimmed its gold holdings earlier this year as the yellow metal corrected and traded sideways after the onset of the U.S.-Iran conflict.
If gold was removed from the monetary system over five decades ago, why are central banks now buying it at the fastest pace since the Bretton Woods era?
So my view continues to be some representation of the 2003-2008 phase, where we may make a lot of money (funny munny) prior to a terrible liquidation out there somewhere on the horizon.
Morgan had been watching the $4,000 level, but with the metal reaching roughly $4,500, gold had moved more than 10 percent above that threshold in only a matter of weeks.
