Gold Is Making a Major Comeback in 2024
Banyan Nation,
In April of this year, gold surged above $2,265 per ounce — setting a new all-time high.
Then, the very next month on May 20, the yellow metal broke records again by reaching $2,435.
And the trend hasn’t stopped, either.
While the mainstream financial media has fixated on inflation, crypto and presidential candidates, one of history’s most reliable investments has continued climbing higher, rising nearly 50% over the last two years:
Gold’s latest rally is being driven by ongoing concerns about inflation in the U.S. economy, along with booming gold purchases from China’s Central Bank, the People’s Bank of China (PBOC).
Last year, the PBOC ramped up its gold purchases by a massive 30%.
Just in the first quarter of 2024, China’s central bank purchased 290 tons of gold!
This move is a clear response to the growing instability in China’s banking sector and the faltering growth in its economy.
China just approved a new $284 billion sovereign debt issuance as part of a larger fiscal stimulus, hoping to bring their massive growth engine back to life. Only time will tell whether they can re-ignite the “Chinese Miracle” …
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Until next time,
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