HUGE News Coming From China! Everything Is About to Change for Gold & Silver Prices - Andy Schectman
According to government and industry sources, India imported a record amount of silver in February, with imports surging 260% during the month. The country imported 2,295 metric tons of silver during the month, more than tripling the 637 tons recorded in January. India is the world's biggest silver consumer, and with imports of the gray metal now on pace for a 66% year-over-year increase, the demand could help catalyze the nascent silver breakout.
As a leading authority in the precious metals industry, Andy Schectman brings unparalleled expertise to the global silver and gold market discussion. In his observations, Andy Schectman points out the rising demand for silver in China and India, with significant investment increases. He noted rumors indicating China's encouragement of silver investment due to challenges in obtaining immediate gold delivery. Silver prices remain well supported at elevated levels as robust demand continues to outweigh supply, creating a further drawdown in above-ground stocks, according to the latest research from the Silver Institute.
Further underscoring the market, Schectman notices that the silver market is experiencing a global struggle between accumulators and those suppressing prices. He asserts that silver presents a highly undervalued investment opportunity with significant upside potential. Silver prices are poised at a four-week low as investors await the Federal Reserve's policy update, with market sentiment swayed by the potential impact of a hawkish or less-hawkish stance on silver's direction. The recent downturn in silver prices, influenced by a stronger US dollar and higher Treasury yields, reflects a correction from previous highs.
From Schectman's viewpoint, the gold market's unusual activity, especially the movement of gold bars in Hong Kong vaults, suggests Exchange for Physical (EFP) transactions following paper price drops. This trend underscores a growing global recognition of the value of physical precious metals amidst market instability.
Regarding the allocation of funds, Schectman expressed concerns, particularly regarding aid to Ukraine and the potential fallout from supporting Russia's allies. He cautions against the perceived hypocrisy of selectively applied sanctions, which could strain global relationships with allies and adversaries. A Russian court sided with state-run lender VTB Bank in its efforts to recoup 439.5 million dollars from JPMorgan Chase, which the American lender froze in US accounts after the Ukraine invasion.
According to a court order published Wednesday, the court ordered the seizure of funds in JPMorgan's Russian accounts and "movable and immovable property," including the bank's stake in a Russian subsidiary.
Pointing to notable examples, Schectman states countries such as Nigeria, South Africa, and Saudi Arabia are withdrawing their gold reserves from the United States. He sees this as indicative of diminishing trust in the dollar and an increasing recognition of the importance of physical assets, particularly in times of geopolitical uncertainty.
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