Huge GOLD News From China & India! This Changes Everything for Gold & Silver Prices - Andrew Maguire

Huge GOLD News From China & India! This Changes Everything for Gold & Silver Prices - Andrew Maguire

Physical demand also played a role in gold's performance this week. India's decision to slash import duties on gold and silver earlier in the week boosted physical demand, with gold premiums in India jumping to their highest level in a decade. This increased demand potentially offset some of the price decline.
Andrew Maguire is an experienced independent metals trader with over 40 years of experience in the financial and precious metals markets. About current trends, Andrew Maguire notes that India is lowering gold import duties and repatriating gold, reflecting a global trend among central banks to secure physical gold ahead of the BRICS gold-backed currency launch. Central bank buying has driven the rise in gold prices since 2022. According to JP Morgan, gold could be entering a strong era, as central bank purchases of gold in 2022 were more than double the average annual purchase across the decade prior.
In his assessment, Andrew Maguire explains that China has quietly converted a substantial part of its hidden 3 trillion dollar reserves into physical gold. He predicts that gold prices could surpass the estimated target when this information is revealed, potentially becoming the new price floor. China's Treasury notes and bonds holdings have dropped $440 billion since the end of 2017. During this period, the balance of the securities held in Belgium, widely seen as a home to custodial accounts for the Asian nation, increased by 159 billion dollars. China's holdings of US stocks, agency bonds, and other debt also rose, suggesting that the nation might have shuffled its dollar assets rather than cutting them.
Consequently, Maguire predicts a gold revaluation by the Sino-Russian alliance could trigger a global shift, elevating gold to a new asset class. He suggests the Fed may need to revalue its gold holdings or risk exposure if other central banks repatriate their gold.
During the interview, Andrew Maguire expressed that based on the current trends in the physical gold market, liquidity providers anticipate gold reaching 3,000 dollars per ounce by the end of this year. He states that recent Federal Reserve interventions push gold prices higher, forcing them to buy physical gold to meet Central Bank delivery needs. Gold's blistering rally this year was partly fueled by expectations the Federal Reserve would cut interest rates as many as three times in 2024 as stubborn inflation started to ease. However, current projections suggest that only one rate cut will be penciled in for the remainder of 2024.
Despite unbacked CTA positions and a FED misstep at the 2,000 level sparking a 450-dollar gold rally, Maguire notes that global solid central bank buying is complicating the management of these cycles, potentially setting a higher price floor.

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