While the price of gold still sits below the $2,000 per ounce level in the US (although it’s about $20 closer to that level following this morning’s rally after the CPI was released), gold has been setting new all-time highs in many of the major foreign currencies.
The foreign gold pricing is indicative of the issues that are not only facing the US, like heavy debt loads and slowing economies, but are present around the world, and have contributed to record central bank gold buying throughout the first 9 months of the year.
Despite higher global interest rates, the gold price remains strong, as countries around the world are seeking out insurance against the weight of the past decade’s borrowing spree. Geopolitical tensions have also added to the demand for gold, and of course, the de-dollarization movement has continued on, which is leaving citizens and investors across the world more concerned about that stability of our financial infrastructure than ever before.
So in today’s show, Andy Schectman of Miles Franklin joins me to comment on the factors that are supporting the gold market, and what his clients are saying when they continue to buy gold and silver as insurance.
To find out more, click to watch this video now!