Is the rally over and has all the money been made?
Not by a long shot!
Gold Demand Reaches Record Highs: Is This the Start of a New Bull Run?
Right now, Gold prices remain well supported above the key psychological level of $2,300 an ounce, which ultimately suggests that there’s still plenty of upside ahead.
Data released earlier this month, showed global demand for Gold has never been stronger. In the first quarter of 2024 central banks bought 290 tonnes of Gold – the strongest start to any year on record.
More impressively, Gold demand over the last 7 quarters has exceeded 40 million ounces on average. That’s almost 2 million ounces higher than the quarterly average from Q1, 2010 to Q2, 2022.
Among central banks, the People’s Bank of China has firmly taken the top spot as the biggest buyer of Gold – adding 60,000 ounces of Gold to its reserves in April.