Rebecca Patterson says China is biggest factor driving gold prices higher

Rebecca Patterson, Fmr. Bridgewater chief strategist, joins the 'Fast Money' traders to discuss gold hitting record highs and what is behind the run.

[grandmisertherd]

Gold is money . Everything else is credit . J.P. Morgan 1912 )

[sdbullion]

CNBC put the following error in print this week about Gold: "Indeed, over the last century, gold has risen around just 1% a year, on average."
Since 1924, even with gold's price being fixed for about the last half-century, it has risen nearly 5% per year in the last 100 years.
Since 1970, it has gained nearly 8% per year in this entire full fiat currency era, 1971-2024. Most Westerners are gold illiterate, buying cheap 14k gold retail at like 3-4X melt value with no clue it 14/24k means 58.3% gold purity. There are entire "We Buy Gold' industries built on such ignorance.

[solomonmendonca]

Rebecca: "Two reasons"
Me: cool
Rebecca: "China and china"
Me: great analysis

[RichardKing-sxxc]

Image being a Central Bank holding United States Debt... 😆😅🤣😂

[fordc]

Hold gold and at the very least your children will benefit immensely. I hope to never use my gold but rather pass it to my kids.

[Simonpt]

Not just China but central Banks around the world

[frankcolliton]

I started purchasing gold in 1995. Up nicely, and my gains are not taxed until i sell. Probably never will !

[godzillamothra]

Dedollarization is on the way. China is not the only one hoarding gold, other countries' central banks also are doing the same, including surpise surpise, Singapore, you know that Singapore, the most capitalist South East Asian nation who is US friend.

[NeuroPulse]

"Central banks are hedghing thier own ineptitude".
Quote of the show.

[xxxxl]

🤣 or your money printing machine called FED . Gold is the real money, not $! $ is just paper, even today it is only digital

[nw]

I think inflating currencies and a general fear of a recession are what are driving gold higher :)

[joehuisoft]

India is the largest importer of gold in 2023. Switzerland is the largest importer of gold in 2022.

[ssuwandi]

China recently discovered a new gold mine. Of course with 1.4 billion under the roof why the West still would expect trader controlled stocks gambling

[tianzeng]

There is one thing that I don’t understand. In 2023, the central banks all over the world purchased around 1000 tons of gold, which equals to the daily volume of gold transactions of the Nymex and SGE. How could the central banks’ purchases of the gold influence the market price?

[wedgecharger]

How do these nubs talk about gold and not know the US Gov debt is 34.3 Trillion ?

[trailguy]

china's central bank has been buying all the gold they can get their hands on for many years, that's not causing a sudden rise.

[lakshminarayanan-lsfz]

Gold silver is real money. All others are iou

[bipolarpunt]

How does an Economy Expert not know what the US debt is.

[franzbuchel]

The lady in the round, Rebecca Patterson, was the only giving a clear statement.

[soullama]

Gold 10X on the way folks buckle up your seat belt. Still per ounce GOLD price is pretty low, load up at least one ounce.