- Gold has pushed over 1% higher to break the psychological $2K level.
- Ever since the all-time high was broken on 27th July it seemed like it was only a matter of time.
Gold breaks USD 2000 per troy ounce
Ever since the central banks turned on the printers gold has been on a massive bull run. The yellow metal also received a boost due to its safe-haven status and this has been evident during the COVID-19 pandemic. It is not only the central banks that have been supporting the markets as governments have conducted fiscal stimulus programs too. It all started after the last financial crisis in 2008-9. Ever since the equities markets pushed higher as the market was flushed with liquidity and during the coronavirus pandemic they have done the same.
Central banks like China and Russia are also replenishing their gold reserves. China’s official gold reserve holdings of 1,948 tonnes, although they suspected to be much higher than that — are all held inside the country. ….. More to come…
Gold monthly chart
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