Gold now has major institutional support
“Goldman Sachs has even endorsed view that central bank demand is a major reason for expecting higher gold prices in the months ahead. Goldman analysts recently stated they expect gold to gradually move higher based partly on increased purchases from the central banks of China, Russia and Kazakhstan. Growing institutional support for the yellow metal is thus one of several reasons for expecting gold’s recovery, which began last fall, to continue well into 2019.”
USAGOLD note: In 2011 central banks turned from being net sellers of gold to net buyers. In 2018, that trend gained new momentum. The chart below does not include China’s true additions to its official gold serves – a state secret that once revealed could prove to be formidable.