Gold Price Today Will Look Different Soon

Gold Price Today Will Look Different Soon

hey everybody economic ninja here I hope
you are doing great you know what’s not
doing great gold gold price is going
down it’s crashing actually it’s funny
because the day before it started I did
say get ready for a pullback and these
are good times we saw it top a little
over 2400 as of the recording of This
we’re in like the low 23s and it’s going
to separate the Bulls from the Bears or
just the bullish people that are only
diving in because they think it’s going
to go higher they think or the people
that have sound fundamentals behind them
I’m gonna share a story and it’s a big
deal because the world doesn’t care as a
matter of fact the world gets excited on
days when gold is crashing in price and
to say it’s crashing really isn’t a good
way to put it it’s going down in price
versus the dollar right now check this
out this is out of Market Insider it
says gold prices have another 29% upside
as China’s Central Bank continues it’s
buying spree famed Economist says
29% that’s a lot higher H okay here we
go so uh right here gold prices are set
to continue their record Bull
Run uh as far as uh because and and
we’re talking a bull run to $3,000 per
ounce according to David Rosenberg
Rosenberg highlighted a buying spree
from China’s Central Bank as one reason
why prices will rise so it says here
famed Economist David Rosenberg is
feeling good about where gold prices are
headed he noted on Monday Rosenberg
outlined why he expects gold prices to
continue their record bull run to $3,000
per ounce representing potential upside
of 29% from its current levels Rosenberg
said China’s Central Bank is on a gold
buying spree having bought gold reserves
for 17 months in a row and it could have
a lot more to buy up as it pushes its
gold
reserves
higher these we’re talking levels compar
um comparable with other central banks
China’s Drift from the US is behind its
slow but steady rotation from the US
dollar reserves to gold and also means
the end of the Yan as a potential second
Reserve currency pushing other central
banks back toward gold Rosenberg said
over the past year China alone has
purchased about 181 tons of gold how
many have the US bought I’ll just put it
down below I’ll just say it I don’t even
think they’ve got it in in Fort Knox to
be honest with you but anyway um and now
we’re talking about uh China being the
sixth largest holder of gold reserves
bringing its share of total reserves to
4.3% in March but its share of gold
reserves is Tiny compared to other
central banks with the global average
being
133% that means there could be plenty of
Runway left for China to keep adding to
its gold reserves the US holds 70% of
its reserves in
Gold I don’t I’m I’m not joking I don’t
believe it so I mean honestly how many
of us believe the government I don’t
believe them at all like what did Ronald
Reagan say the most dangerous words you
could ever hear are we’re from the
government and we’re here to help so
there is an incredible room for uh to
run for the pboc over the next few years
just to approach the global Benchmark of
Go Global reserves or sorry gold
reserves if China added just one more
percentage point of of gold to its
reserves that would imply 420 tons of
gold which alone would consume 11% of
new production look I’m going to be
honest with you I think China wants to
be known for we own more gold than
everyone why because they’re building an
entirely new economy with Russia India
Brazil and all these other countries
like Saudi Arabia and they want to be
known as being right at the right time I
think gold has a massive run coming
ahead of it I’m not telling you to go
out and buy it but I’m telling you I own
it for a specific reason I buy what
central banks are buying so hope you
guys got something from this with all
that being said the economic ninja is
out

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