The Final Moment! China's Strategic Moves To Revolutionize Gold Prices - Andy Schectman
#gold #goldpriceprediction #andyschectman
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Gold has had a stellar year so far. From April 2023 to February 2024, gold prices hovered around $2,000 per troy ounce. By mid-May, prices surged to over $2,420 per troy ounce before stabilizing at approximately $2,350 in early June. Although gold prices have slightly receded from their peak, they remain 10% higher than at the start of the year, currently trading at about $2,330 per troy ounce. A significant driver of this rally has been substantial central bank purchases by emerging countries, particularly China. The People's Bank of China aggressively bought gold for 18 consecutive months, stopping only in May when gold reached its record high.
China's strategy towards gold buying has long been understated. Official figures regarding their gold reserves have remained static, despite China being the world's largest gold producer, mining between 400 to 500 metric tons annually. Market analyst Andy Schectman notes that China's approach is highly strategic. By not fully disclosing their purchases, China can influence the market. Media reports of China halting gold purchases often lead to price dips, allowing China to buy more gold at lower prices, thereby acquiring gold more favorably.
India, on the other hand, has focused heavily on silver over the past two and a half years, importing 600 to 700 million ounces of silver from the West. This volume is significantly larger than the available registered silver on the market. The London Bullion Market Association (LBMA) reports about 800 million ounces of silver, with only 300 million unencumbered. China and India are capitalizing on the suppressed Western precious metals markets, systematically depleting physical silver and gold exchanges. Andy interprets these moves as part of a strategic long-term plan to bolster their reserves of precious metals, positioning themselves for potential major economic shifts ahead.
We will present clips from Andy Schectman's interview.
Andy highlights that the gold and silver markets are plagued by unscrupulous companies exploiting investors. These firms often operate under a veil of anonymity, making it challenging to hold them accountable. A common tactic is selling quarter-ounce gold coins at suspiciously high prices, ranging from $800 to $1,200 each. These companies market these coins as rare and highly profitable investments, but this is merely a deceptive ploy. The coins are significantly marked up, taking advantage of customers who trust their misleading sales tactics.
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