Gold has continued to consolidate at higher levels this week, above $2,380 this morning and moving closer again to the psychological important $2,400 level. This is on the back of markets starting to price in an interest rate cut in the US for September.
Data released on Thursday showed central banks are continuing to add to their gold reserves, despite the largest consumer the People Bank of China ceasing gold purchases for the last two months. Citibank on a note released yesterday, sees central bank demand continuing over the second half of the year to reach 1,100 tons which would be a 5.8% over last year. Citi Bank’s forecast for gold is $2,600 in 2024.
It’s not everyday you get to speak to a ‘guru’ but that was who I found myself speaking to earlier this week, and it was none other than The Silver Guru himself, Mr David Morgan. David has been a friend of GoldCore for a long time now, and for good reason. He’s an absolute gent and always has some fantastic information and comments about the silver market.
Our conversation was so interesting that we split it into two parts. Today, we bring you part one. In this first half, David and I discuss the bullish and bearish trends in the silver market. A lot of people are curious to understand the silver price of late, and David has some useful insights. He touches on the emotional nature of investing in silver, with a particular mention of those who perhaps sell too early and regret it!
Particularly interesting to many of you will be the divergence we are seeing between the demand drivers for silver – industrial and monetary. I asked David if industrial demand is now significantly more prominent than the demand for its role as a precious metal and is it overshadowing it completely? What do you think?
And what do you think the 2024 Presidential election could mean for silver demand? Here, David offers some interesting insights from his experience during the Trump-era. Let us know your thoughts.
We finish the interview discussing silver miners, what a curious ride that has been. David gives us some thoughts but stay tuned for part two when we’ll explore this further.
Buy Gold Coins
![buy now](https://news.goldcore.com/wp-content/uploads/sites/16/2021/05/Gold-coins-banner-5.jpg?x28079)
Buy gold coins and bars and store them in the safest vaults in Switzerland, London or Singapore with GoldCore.
Learn why Switzerland remains a safe-haven jurisdiction for owning precious metals. Access Our Most Popular Guide, the Essential Guide to Storing Gold in Switzerland here.
Receive Our Award Winning Market Updates In Your Inbox – Sign Up Here