HUGE! The Central Banks Just Declare War Against Gold & Silver? WATCH THIS, Andy Schectman

HUGE! The Central Banks Just Declare War Against Gold & Silver? WATCH THIS, Andy Schectman

In its report, the WGC estimated that central bank demand added 10% or more to gold's performance in 2023 and noted that even if 2024 does not reach the same heights, above-trend buying should still offer an extra boost to gold prices.
Andy Schectman, the CEO of Miles Franklin, warns of central banks shifting from dollars and treasuries to gold due to Western suppression while banks are buying the treasuries being sold. Banks face limited options and heavily invest in Treasuries, with JPMorgan Chase reporting a 150 billion dollar investment in a single quarter in 2021. While the CARES Act relieved consumers, it adversely affected banks' balance sheets as Treasuries yielded less than potential loan interest rates.
While he underscores gold and silver as wealth and credits Doug Casey for noting they are among the few assets not someone else's liability. According to a 2019 survey by the Gold IRA Guide, approximately 10.8% of US citizens own gold, while 11.6% own silver. This equates to about 35-38 million people who have invested in these precious metals, and it is easy to see why.
Regarding financial matters, Andy talks about Saudi Arabia's bond holdings and a shift towards gold investment. Saudi Arabia sold down its holdings of US Treasuries in June to the lowest in more than six years. The kingdom held 108.1 billion dollars of Treasury securities in June, down 3.2 billion dollars from May and below the 119.7 billion dollars it held at the end of last year, according to data from the US Treasury Department.
Andy further mentions a global trend of central banks exchanging sovereign debt for gold while the US actively undermines the dollar's reserve status. In recent years, central banks rushed into gold due to declining trust in the dollar, triggered by the freezing of 300 billion dollars of Russian reserves after the Ukrainian invasion.
Brazil, Russia, India, China, and South Africa have bought almost 5,000 tonnes of gold for their official reserves in the last 15 years. China and Russia added more than 1,500 tonnes, while India added around 450 tonnes.
During the interview, Andy Schectman described significant gold and silver accumulation by major investors, citing India and China as key examples. However, he stated recent market movements, noting exaggeration on the downside and emphasizing the significance of an anticipated gold breakout. Gold prices are forecasted to hit fresh highs and to remain above 2,000 dollars levels in 2024, analysts said, citing geopolitical uncertainty, a likely weaker US dollar and possible interest rate cuts.
Andy predicts OPEC's shift from the Petrodollar due to green initiatives while anticipating increased East-West volatility. In 2023, a few changes suggest the Petrodollar might not be as solid as once thought. Most notably, on March 29, Saudi Arabia announced that they had agreed to become a "dialogue partner" with the Shanghai Cooperation Organization, the world’s largest regional political and defense organization regarding geographic scope and population.

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