Catalyst for $3000 gold: Central bank buying

Lombardi Letter/Moe Zulfiqar/8-24-2022

Photo of pallettes of gold bars purchased by Hungary's central bank“You’ll rarely hear from the mainstream media about central banks loading up on gold. It’s astonishing what central banks have been doing lately. In fact, three of the most certain things about central banks are: they like gold, they are buying gold, and they will continue to buy gold.”

USAGOLD note: Central banks have been adding gold to their holdings at an impressive rate in recent years. The World Gold Council reports a continuation of that trend with 270 tonnes in central bank acquisitions for the first half of the year. Qatar yesterday reported adding almost 15 tonnes to its holdings last month. Zulfiqar sees ongoing central bank gold interest as the key catalyst for sending the price to $3000 per ounce.

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