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Jan Nieuwenhuijs: A major shift as Western investors start buying gold
By Jan Nieuwenhuijs
Money Metals Exchange, Eagle, Idaho
Tuesday, October 22, 2024
In the past two years the East has been responsible for a momentous move upward in the gold price, decoupling it from the West's pricing model. But Western investors have taken back the baton and have been driving gold higher since June 2024.
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Tellingly, Western investors are abandoning their old pricing model too. Instead of participating in the gold market for speculative reasons, they are now buying gold as a safe haven. This is highly bullish because Wall Street has little exposure to gold.
Meanwhile, on a net basis, the East is not selling. In this tight market, the gold price is sharply rising: year-to-date, it's up more than 30%. ...
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