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This week we cover crashing fund flows, an aging Risk Cycle, mild intermediate sentiment, stretched gold, a confirmed breakout in a potash producer, and a major squeeze in currencies, plus more. 1. We hit the 19k level and upper weekly band that we pointed out last week. As we’ll show, the primary path of least resistance is still up but we could see some ...
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Global central banks held more than 36,699 metric tons (MT) of gold in their reserves as of year-end 2023. Most of that supply has been amassed since 2010, when central bankers commenced a gold-buying spree. Central banks were net sellers of gold before that time, selling roughly 4,426 MT of gold between 2000 and 2009. But for nearly a decade and a half now ...