OPPORTUNITY of a CENTURY! This Event Will Be a Game Changer for Gold & Silver Prices- Andy Schectman
The precious metal set record after record in the first half of the year despite the US Federal Reserve keeping interest rates high, strength in the US dollar, and divergence in US Treasury 10-year yields, ETF holdings, and gold prices.
Gold and silver prices were solidly higher in early US trading Thursday, with gold hitting a six-week high and back above 2,400 dollars. This comes in the wake of another tame US inflation report that suggests the Federal Reserve will cut interest rates sooner rather than later.
Based on fundamentals, Andy Schectman predicts a new global settlement currency might emerge, leading to a revalued gold market, as the Dutch National Bank suggested. Schectman believes that the trend of countries repatriating and amassing gold points to a very bullish outlook. However, he considers US treasuries have lost appeal due to geopolitical risks, making gold a superior investment. In that sense, the entity's report has estimated that Chinese holdings of US Treasury bonds have fallen by 102 billion dollars in the last twelve months, while gold reserves have increased since January 2023 by eight million ounces, equivalent to 51,000 million dollars.
Regarding the transparency of gold holdings, Andy Schectman shows skepticism about China's reported 2,600 metric tons of gold, suggesting their actual reserves are likely much higher based on their production rates. He suggests that China secretly uses state-owned proxy banks to accumulate gold, avoiding IMF reporting. As of the end of June, China's central bank maintained its gold reserves at 72.8 million ounces, unchanged from the previous month. This figure has remained stable for three consecutive months since April 2024. Over the previous 18 months, China's central bank had continuously purchased gold until May this year, with cumulative additions totaling 10.16 million ounces.
Andy Schectman underscores the vulnerability of the dollar, echoing concerns raised by Putin about the obsolete Bretton Woods system. He highlights the US's high debt levels and aggressive asset seizures, which erode confidence in the dollar's value. Concurrently, Schectman underscores a global shift as countries repatriate significant amounts of gold from international hubs. The global gold demand, including extra-bur acquisitions (OTC), is 1,238 tons for the first quarter of this year, up by 3% year in and year out, according to the most recent data of the World Gold Council, quoted in an analysis made by a metal precious dealer.
From Andy Schectman's perspective as a seasoned analyst, he criticizes the politicized nature of potential rate cuts, suggesting they won't significantly impact the economy. He believes more drastic measures are necessary to address the growing national debt and economic challenges.
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