BRICS

In this irrational environment, it is entirely natural to see more and more investors seeking to protect their savings by means of investments such as physical gold, which is regaining a certain appeal in this climate of a headlong forward dash by the central banks.

The inflation is spreading. Is it this new risk associated with inflation that has prompted the unusual demand for physical gold in recent weeks? Gold is being seen here as a refuge from an out-of-control event linked to the new risks engendered by this inflation.

China's gold reserves have grown every year for 15 consecutive years, reaching 14,727.16 tons by 2020, according to a yearbook issued by China Gold Association (CGA).

Gold and silver are yet to benefit from the rise in the prices of the other assets; they are thought of as a currency, and not as commodities. These low prices are a bargain.

Regardless of whether the new monetary system is tied to digital currencies or not, there is no escaping the spiral of money printing and deficits that has gripped most of the world, and so a disorderly collapse is likely.

Acting straight away on the rates would have an even more devastating effect on the system as a whole. This is the impasse that the central banks have now got themselves into, in their interventionist policies. Acting straight away will break the engine. That’s what the math is telling us. Gold and...

What happened this morning very strongly looks like a “cleaning” of stop losses and “weak hands”. Another positive argument that militates for gold (and incidentally silver) is that real rates are diving.

The true price of gold and silver will be the one that is displayed after the shift from paper to physical. The current price reflects precisely the preponderance of the financial market over the market for real assets. But for how long?

Time is now the monetary authorities’ enemy, in contrast to the other interventionist phases in which the inflation was under control. The longer these authorities delay acting, the further the rise in prices will spread. And the longer they wait, the more the risk of an urgent intervention to break...

The sales of futures on the COMEX market, now seen almost every day, are colliding with a background trend for the purchasing of gold by the other central banks, which are starting to lose patience and want to cover themselves in relation to the risks of devaluation of their assets in terms of state...