Canada’s central bank owns no gold. Canadians won’t be in very good shape when the rest of the world rediscovers gold. From Mark E. Jeftovic at dollarcollapse.com:
Canadian leaders don’t just hate gold. They must hate prosperity itself.
After looking poised to rack up fresh all-time-highs (in USD terms) earlier this year, the gold price has experienced somewhat of a dump lately. It’s possible the market believes the likes of Paul Krugman – who is taking victory laps because inflation has been supposedly been defeated without bringing on a recession (he calls it a win for “Team long transitory”, whatever that‘s supposed to mean).
We can debate whether we’re in a recession now, as the likes of Marc Faber opine, (“I believe that the US economy is in properly measured ‘real terms’ already in recession” – GBD, October ’23) – or that the Fed has deftly maneuvered a soft landing with nary a recession in sight.
However you anybody watching the rate at which central banks around the world are hoovering up the yellow metal, would think they’re positioning for something and it isn’t a soft landing. Central bank bullion purchases set a fresh record over the first half of 2023 at over 200 tonnes.
So who is backing up the truck?
Not many surprises there, (except maybe the ECB) and the Q2 net numbers were dampened because Turkey – who has been in a slow motion firefight with high inflation for over twenty years had to sell off a boatload to support the Lira. The takeaway from that is they had gold reserves to support their financial system.
