Central Banks are Loading up Gold and Silver - This will change the Prices Forever! Andy Schectman

Central banks buy gold to protect their currencies from losing value. When a country's economy is weak, the value of its currency can go down. Central banks can print more money to try to fix this, but that can make the currency even weaker. Gold is a limited resource that cannot be easily created, so it is seen as a more stable asset.
In the first three months of 2023, central banks bought a total of 228 tons of gold, which is a record high. This is because many central banks are worried about the global economy and want to protect their currencies. The top buyers of gold were Singapore, Turkey, China, Russia, and India.
Andy Schectman, CEO of Miles Franklin, believes that the increased demand for gold by central banks is causing a decrease in the available supply. He also believes that this suggests that gold is seen as a reliable and stable asset.
According to a survey by the World Gold Council, 24% of central banks plan to add more gold to their reserves in the next 12 months. This suggests that the demand for gold is likely to continue to grow in the future.
Andy highlighted that not just the brics countries will likely continue to be net buyers of gold as they aim to diversify away from the US dollar, other countries are also accumulating gold.
According to the 'World Silver Survey 2023' by the Silver Institute, there has been a significant increase in global demand for silver, while the supply of silver has been insufficient to meet this demand. As a result, the silver market experienced a deficit for the second year in a row, with a shortfall of 237.7 million ounces last year.
Andy Schectman believes that the supply of silver is depleting faster than it is being mined, yet its price is historically undervalued compared to gold. This makes silver a potentially attractive investment opportunity.
According to the US Geological Survey, they have made a public statement that the global supply of silver will be completely used up by the year 2025. If this happens, silver will become the first widely used industrial commodity to reach a point where its in-ground supply is completely exhausted.
The US Dollar Index has reached a 15-month low, which has supported gold prices. The price of gold found support at the 200-day moving average, and is now looking to break through 1972$. If it does, it could reach 2000$ and 2008$, which would trigger a wave of buying.
With central banks buying gold at record levels and the supply of silver depleting faster than it is being mined, do you think now is a good time to invest in precious metals?


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