Daily Gold Market Report

Central Banks, Gold Accumulation, and the Inflation Charade: Insights from Frank Giustra
Physical Gold Is Moving East

(USAGOLD – 9/27/2023) After Gold’s ~$20 move down yesterday, the yellow metal still remains under pressure. Gold is down $1.73 to $1873.34. Silver is slightly up 6 cents to $22.60. With the looming government shutdown unresolved and Treasury yields continuing to climb, Gold has yet to find it’s footing. In a recent interview with Daniela Cambone, Frank Giustra offers a critical perspective on the global financial landscape, emphasizing the significance of gold in the current economic scenario. He warns, “The next crash is underway for a specific reason that almost no one is paying attention to.”

Furthermore, Giustra points out the actions of central banks around the world, noting their significant accumulation of gold. He says, “The central banks of the world, including the BRICS countries, have been accumulating gold like crazy over the last 13 years, signaling that something is up.” This accumulation suggests a shift in trust away from traditional fiat currencies. Giustra also criticizes the global approach to inflation, asserting that the efforts to combat it are mere pretense. He firmly believes, “Banks are slowing. Some financial accident is going to happen, and it could end up being a spiral. Pretending they’re going to beat inflation is a charade. They know they can’t.” This sentiment underscores the importance of gold as a hedge against the myriad of economic uncertainties.