Gold: With ongoing purchases by the Chinese state, gold prices have continued to rise. This upward trend has some traders wary of an imminent correction. Reports suggest more clients are looking to sell rather than buy, which, while concerning, isn't unexpected. If you purchased gold bullion in January at £1,600 per ounce and can now sell it at £2,000, it might be tempting to lock in profits. While a price drop may occur, any setback is unlikely to last long.
Scrap Gold: MTD scrap prices closely follow market gold prices. For those with gold accumulated over the years, it may seem that the market is reaching its peak, prompting some to consider selling now to avoid the risk of mistiming the market. As one seller put it, “lightening the load” seems prudent, and it's hard to disagree.
Outlook: Some analysts have raised concerns about de-dollarisation efforts by countries like China, Russia, and Brazil. This is a significant issue that could impact global economies. If the U.S. dollar loses its status as the world's reserve currency, it could lead to a major economic shift, possibly even conflict. A decline in the dollar's dominance could result in a 30% reduction in American purchasing power, which would have far-reaching consequences.
NB 1 troy oz = 31.1035 gr | 32.15 troy oz = 1 Kg
All opinions given are just personal opinions based on market awareness and instincts. We are not Financial Advisers. The opinions expressed are not intended as and should not be read as recommendations to buy, sell or stock hold any metal or metal products. They are offered in good faith as simple opinions only.
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