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Central banks across the globe represent manipulation, greed, and centralized power. The Chinese Communist Party represents authoritarianism, lies, and persecution. These are traits that conservatives generally abhor, which is why it’s rare to find any who are following the lead set by either central banks or the CCP.
But there’s one arena in which conservatives and liberals alike are following the trends being set by central banks, the CCP, and other powerful entities. Most of the major financial players are buying up as much gold and silver as they can — and the people are following suit.
“Unlike most gold companies, we don’t pander to central banks because we don’t trust their motives,” said Jonathan Rose, co-founder of Genesis Gold Group. “With that said, we definitely watch what they’re doing and we keep our finger on the pulse of the precious metals industry as a whole so we can best serve our clients.”
Rose isn’t alone. As central banks are buying up as much gold as they can get every month, so too are concerned Americans. Physical precious metals are becoming increasingly popular as both something to hold in the safe as well as the backing for rollover or transferred retirement accounts. Even Costco has begun selling gold bars in their retail warehouse clubs.
Genesis Gold Group, which specializes in self-directed IRAs backed by physical precious metals, believes the trends point to a continuation of gold-hording which could strain supply. Central banks around the world continued to increase their gold reserves in August, according to the latest data provided by the World Gold Council. This marks the third consecutive month of net purchases, with a total of 77 tons added. Over the past three months, central banks have bought a total of 219 tons of gold.
In the earlier months of March, April, and May, some central banks reported net gold sales, mainly due to Turkey selling 160 tons of gold during that period. However, this was seen as a temporary response to local market dynamics and not a long-term change in Turkey’s gold strategy. Turkey resumed buying gold in June and added another 14.7 tons in August, alongside China, Poland, and Uzbekistan, which were the biggest buyers for the month.
The People’s Bank of China led the way with the largest purchase in August, acquiring 28.9 tons of gold. This marks the 10th consecutive month of buying for the Chinese central bank. China has been the leading buyer of gold this year, increasing its official reserves by 166 tons since the beginning of the year and 217 tons since it resumed official purchases in November last year. The People’s Bank of China now holds 2,165 tons of gold, accounting for 4% of its total reserves.
China’s history suggests that it could be holding even more gold than it officially reveals. Speculation has always surrounded the country’s true gold holdings, with some believing that China keeps several thousand tons of gold in a separate entity called the State Administration for Foreign Exchange (SAFE). Last year, there were significant unreported increases in central bank gold holdings, with China and Russia often failing to disclose their purchases. Some analysts believe that China accumulates gold to minimize its exposure to the US dollar.
Americans concerned about the various financial challenges hitting them today are making similar moves.
“We’ve talked to thousands of people the last couple of months who are extremely concerned about the trajectory of the nation and the economy,” Rose said. “I’m not a fan of making price predictions because that’s short-term thinking about a long-term investment, but it’s clear the central banks, the CCP, and even several U.S. states are very bullish about the future of precious metals.”
Americans concerned about their life’s savings can contact Genesis Gold Group to learn how they can rollover or transfer current retirement accounts into a self-directed IRA backed by physical precious metals.
If you’d like to learn more, click here to contact Genesis Gold Group today.
The post An Unexpected Trifecta: How Conservatives Find Themselves Alongside Central Banks and the CCP In Gold Buying appeared first on The Gateway Pundit.
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