Recent BIS gold swaps have high dollar value and shows that gold remains a significant monetary asset still actively traded on behalf of at least one central bank.
We have yet another month where manufacturing has been reported in contraction. Fed regional reports, have been showing a manufacturing recession even longer.
The latest salvo fired at the U.S. dollar by BRICS countries includes press reports about “creating an international precious metals exchange to ensure fair pricing and trade growth”.
Gold was within striking distance of $2800, and whilst it may have pulled back on technical selling, we believe the next week could hold yet more new highs.
In the latest Money Metals Midweek Memo podcast, Mike Maharrey discusses global currency and trade dynamics, focusing on BRICS countries' growing efforts toward de-dollarization.
