Gold rush 2.0
Sat 10:45 am +00:00, 29 Apr 2023Central bank gold demand continues to dominate the gold market as nations look to diversify away from the U.S. dollar.
Rockefeller International chairman Ruchir Sharma, in a commentary published in the Financial Times over the weekend, said that central bank demand has helped push gold prices 50% higher compared to models based on real interest rates would suggest.
“The oldest and most traditional of assets, gold, is now a vehicle of central bank revolt against the dollar. Often in the past, both the dollar and gold have been seen as havens, but now gold is seen as much safer,” Sharma said in his commentary.
Finally, in another sign of the precious metal popularity, Northern California, on the western slopes of the Sierra Nevada, is preparing for a new Gold Rush 2.0, 175 years after the first gold fever broke out in 1848. Years of wildfires have significantly destabilized the region’s ground cover, and after record snowfalls, the melting snowpack is sending massive amounts of dirt and boulders down rivers, streams and creeks. In all that debris is the stuff dreams are made of: gold.
According to a growing number of amateur miners, the best time to start your placer mining operations will be in June and July when the water levels recede, making the sandbanks and sandbars more accessible.
Being stuck at $2,000 is not a bad thing… | Kitco News
