‘Guy on Rocks’ is a Stockhead series looking at the significant happenings of the resources market each week. Former geologist and experienced stockbroker Guy Le Page, director, and responsible executive at Perth-based financial services provider RM Corporate Finance, shares his high conviction views on the market and his “hot stocks to watch”.
Market Ructions:
Gold has traded more or less sideways since hitting a recent high of US$2,030 back in May of this year closing the week at up US$12 to US$1,960/ounce.
In a recent Kitco article, JP Morgan noted that China purchased around 16 tonnes of gold last month and represents the seventh consecutive month China’s central bank has bought gold.Chinese gold reserves have increased by 144 tonnes since November.Net buying by central banks has picked up significantly in recent years (figure 1)In the same article, JP Morgan highlighted that the US dollar’s share in global FX reserves has […]
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