Huge News From Russia & China! How Many Ounces Of Gold & Silver Are You HOLDING? - Peter Grandich
Huge News From Russia & China! How Many Ounces Of Gold & Silver Are You HOLDING? - Peter Grandich
Gold prices hovered near a record peak in the previous session on Tuesday as the dollar maintained its strength. Despite this, gold remained steady above the 2,400 dollar level, supported by safe-haven demand and expectations of US interest rates easing later this year.
Renowned financial analyst Peter Grandich of Peter Grandich and Company foresees a greater likelihood of gold reaching 3,500 dollars than dropping to 1,500 dollars. He attributes this forecast to political and social uncertainties driving investors towards gold as a safe haven. Grandich is equally bullish on silver, setting price targets between 35 and 40 dollars, driven by similar macroeconomic and geopolitical factors.
Market experts echo Grandich's sentiment, predicting an imminent rally. Gold is likely to breach the 2,500-dollar level soon, and if the positive momentum persists, this milestone could be reached within a month. Grandich emphasizes the importance of monitoring the robust demand for physical gold in Asia, particularly China. As long as this demand remains strong, the gold market is expected to remain resilient.
Furthermore, gold is enjoying significant bullish sentiment in the markets, fueled by accumulation from retail investors, institutional funds, and central banks of developing countries. This collective demand is contributing to upward pressure on prices.
Grandich highlights the forthcoming meeting of BRICS countries this fall, signaling increasing discussions about broader international involvement. While the specifics of their plans remain undisclosed, the participation of additional nations could significantly impact global economic and financial structures.
In line with this, Chinese President Xi Jinping is slated to meet his Russian counterpart Vladimir Putin in Kazakhstan in July, as confirmed by Russia’s top diplomat during discussions with China’s foreign minister on Monday. This upcoming meeting underscores the growing cooperation between China and Russia, which could further shape the dynamics of the global gold market.
Grandich notes that Russia and China align more closely due to mutual interests, particularly against rising tensions with the US. This alignment influences their economic and strategic decisions, including their approach to gold reserves.
Recently, the price of gold reached a record high, while silver hit its highest level since 2012. This surge is driven by increasing demand from China and broader geopolitical tensions, which have pushed "safe haven" metals to new heights. While US interest rates traditionally impact gold prices, the recent surge is primarily due to strong consumption in China.
Limited investment options in China have increased demand for gold as households and investors seek safety amid challenges in the property sector, stock markets, and currency devaluation. This trend has contributed to record-high gold prices. China's central bank has been consistently purchasing gold to diversify its reserves and hedge against currency depreciation, although the pace of these purchases slowed in April.
Grandich also highlights that retail investors in China are significantly driving the demand for physical gold. Unlike in the US, where savings and real estate are more traditionally valued, Chinese investors are increasingly turning to gold. This shift has resulted in higher premiums for gold in China compared to the US.
Follow on X: / moneysense_off
"Welcome to our channel dedicated to gold and silver investing! In this video, we provide expert insights and analysis on the latest trends in the gold and silver market. Discover strategies for investing in precious metals, including gold and silver bullion, coins, and jewelry. Stay updated with real-time price updates and market news, and learn how to diversify your portfolio with gold and silver. Whether you're a beginner or an experienced investor, our channel offers valuable tips and guidance to navigate the world of precious metals.
Subscribe now for in-depth analysis, historical data, market forecasts, and more. Join our community of gold and silver enthusiasts and unlock the potential of these timeless assets. #GoldAndSilverInvesting #PreciousMetalsChannel #InvestingTips"
We bring you the latest news, insights, and analysis on gold, silver, and copper. Our videos cover a wide range of topics, including gold price, gold prediction, gold price forecast, silver price, silver price prediction, copper price, market trends, investment strategies, and industry news.
We share interviews from experts like Rick Rule, Peter Schiff, Mike Maloney, Lynette Zang, and many others. Stay up-to-date with the world of finance and make informed decisions with our expert insights. Subscribe now and never miss a video!
#gold #goldpriceprediction #petergrandich
Watch video Huge News From Russia & China! How Many Ounces Of Gold & Silver Are You HOLDING? - Peter Grandich online, duration hours minute second in high quality that is uploaded to the channel Money Sense 22 May 2024. Share the link to the video on social media so that your subscribers and friends will also watch this video. This video clip has been viewed 8,521 times and liked it 207 visitors.
