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Chinese Buy Gold In Large Volume In Holiday Week as Gold Jewelry Sales ‘Soar’

 

◆ Gold is marginally lower today at $1,503/oz and stocks are mixed ahead of what are set to be tense U.S. and China trade negotiations.

◆ Gold sales are expected to accelerate through the end of the year due to weakening global economic conditions, according to Mike McGlone, a Bloomberg Intelligence senior commodity strategist as quoted by China Daily (see below)

◆ Gold buying in China has fallen 3.3 (yoy) to 523.54 metric tons as safe haven buying of gold bars and coins has declined of late, while spending on gold jewelry has increased steadily with about 359 tons of gold being bought from January to June

Spot Gold Price USD

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Spot Gold Price USD

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Focus On Gold’s Safe Haven Value, Not Gold $16,000 and Silver $700 Prices !

 

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Mark O'Byrne
I founded GoldCore more than 10 years ago and it has been my passion and a huge part of my life ever since. I strongly believe that due to the significant macroeconomic and geopolitical risks of today, saving and investing a portion of one’s wealth in gold bullion is both wise and prudent.
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