DESPITE PRESSURES, GOLD HEADING ABOVE $2,000 - Neither Rain, Sleet nor Vaccine Will Keep It Down

Guest Writer, November 21 2020

We know the biggest problem driving the price of gold is the ever-burgeoning stack of public debt, which the folks at ValueWalk believe could be exacerbated by inflation next year.

They recently reported Noble Gold founder and CEO Collin Plume's observation that central banks will have to bear to brunt of "government generosity." 

By Dave Allen for Discount Gold & Silver

Gold is thee store of value in a world of fiat currencies.

So, the world's central banks have been buying gold for years, and that trend could drive the price up well over $2,000 next year, according to some experts. 

We know the biggest problem driving the price of gold is the ever-burgeoning stack of public debt, which the folks at ValueWalk believe could be exacerbated by inflation next year.

They recently reported Noble Gold founder and CEO Collin Plume's observation that central banks will have to bear to brunt of "government generosity." 

They'll do that by covering the costs of multiple stimulus packages that have subsidized businesses that haven't been able to function and their workers who've needed relief to survive during the lockdowns. 

However, much of that aid will need to be paid back, and that will cause major challenges for central banks - such as higher inflation and interest rate pressures.

CENTRAL BANKS LOVE GOLD

According to Plume, 2020 is the second-highest year ever for gold buying by central banks. That's a trend that started picking up momentum in 2018. 

This year, central banks have already bought 651 tons of gold, and more central banks have been buying gold for its diversification benefits. This has pushed annual bank demand to its highest level since 1971.

"The most obvious countries adding gold to their reserves included Russia, China, Poland, Turkey, and Kazakhstan," Plume explained.

"Other countries, such as Poland and Germany, have begun to 'repatriate' their gold from other countries where it has been kept for safekeeping."

Plume added that the main reason central banks want to hold gold is because of the stock-to-flow ratio, which compares the newly mined gold supply (the flow) with above-ground stockpiles (the  Read more

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