A strong September drove official third-quarter central bank gold purchases to a net 220 tonnes. That was up 28 percent from Q2 and 6 percent above the five-year third-quarter average.
What might once have been described as economic assistance now serves as an instrument of policy signalling, a reminder that confidence in the dollar still requires demonstration.
While Powell & Company would never admit it, the central bank has no choice but to end balance sheet reduction due to the federal government’s borrowing and spending problem.
Another “tell” is that the Fed, that enemy of gold and honest money/monetary systems so clearly on display after 2011, is getting up to some of its old tricks.
The lucky winners should consider spending some of the lucre now, since the coming bear market will destroy wealth even more quickly than it was created.
