Gold Ends July Above $2,400 - New All-Time High Monthly Close
For the first time in history the barbarous relic made a monthly close north of US$2,400/oz
July has drawn to a close and a new all-time high monthly close is in the books for gold. Based on the latest data, during Q2 2024 central banks and official institutions increased global gold holdings by 183 tonnes, slowing down from the previous quarter but still reflecting a 6% increase year-on-year. The World Gold Council’s annual central bank survey confirmed that reserve managers believe gold allocations will continue to rise over the next 12 months, driven by the need for portfolio protection and diversification in a complex economic and geopolitical environment.
As we prepare to head into what is an extended weekend for many across the globe, the geopolitical situation looks particularly precarious. A dangerous tit for tat continues to play out between Israel and Iran/Iranian proxies in the Middle East. Israeli PM Netanyahu is expected to speak with President Biden today to discuss the situation with Hezbollah and Iran.
Color me pessimistic on the capability, and will, of these leaders to achieve a lasting peace in the Middle East.
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