Daily Gold Market Report

Gold off to a slow start to begin the week
Morris finds relevance in central banks buying gold ‘out of choice’ not official dictate

(USAGOLD – 7/31/2023) – Gold is off to a slow start to begin the week in sluggish summertime trading. It is level at $1961.50. Silver is up 5¢ at $24.46. On the month, gold is up 2.6% and silver is up a notable 7.1%. Charlie Morris, the UK-based financial analyst, offers an interesting take on the strong demand for gold among central banks.

“The remarkable thing,” says Charlie Morris in his most recent Atlas Pulse newsletter, “is that the gold standard withered in the 1970s, and other than the recent rumors surrounding a gold-backed BRICS currency, there has been no official need for central banks to own gold. They do so out of choice. It is remarkable how an informal gold standard of sorts is returning despite it being formally vanquished half a century ago. It means that gold is once again relevant despite that not being written down in the statute books.”

Gold and silver price performances
(%, July 2023)

Chart courtesy of TradingView.com • • • Click to enlarge