Nugget News October

30 Day Market Moves

Gold Outlook...As we get closer to a US election that is razor thin close and within the margins of error for either party. Combined with rising tensions in the Middle East between Israel and Lebanon, and the conflict between Russia and Ukraine is still escalating. Gold is hitting highs on a regular basis with no signs of slowing in sight. Much like the housing market, there are alot of people sitting on the sidelines waiting for a dip in prices to buy gold. With our Gold Subscription, you can get in now and stop stressing when the right time is.

- Almost every week since July gold has been hitting new all time highs.

Will Silver Outperform?...Silver has finally caught up to gold for returns, as it is now up 31% this year. We expect silver to remain a favored market hedge for both geopolitical and rate risks. Historically, the metal has outperformed equities during periods of elevated volatility, which again proved to be the case in recent months despite a less dovish market consensus on the pace of Federal Reserve rate cuts ahead. UBS analysts expect the gold-silver ratio to narrow over the next 12 months, likely dropping back into the 60s. That would mean a significant rally for silver, even as gold continues to climb. Silver demand has outstripped supply for the third straight year in 2023 as mine output dropped and industrial demand set a record.

-According to analysts at UBS, silver will likely outperform gold over the next 12 months.

Project mBridge in Full Swing...Project mBridge is a multi-central bank digital currency platform, built on distributed ledger technology to enable instant cross-border payments and settlement without using US dollars. This collaboration started in 2021 between the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People's Bank of China and the Hong Kong Monetary Authority. The Saudi Central Bank is joining mBridge as a full participant and there are now more than 31 observing member countries. Countries that participate in the cross-border payments system mBridge are each hoarding huge amounts of gold and are largely responsible for the bull market of the past two years. How and when the global dollar standard will disintegrate is hard to predict, but setting up a non-dollar payments system (mBridge) and aggressively accumulating gold to replace U.S. Treasuries as the prime international reserve asset is a potent strategy to de-dollarize. As the BRIC's nations also look to de-dollarize using gold, the writing is on the wall.

-Between China, Thailand, Saudi Arabia, and Hong Kong, it’s clear their gold stance has changed since early 2022: they’ve dropped their sensitivity to the price. Instead of selling into rallies, they are themselves creating those rallies as a result of strong demand.

Iran Gold Hoard... As a member of the BRICS alliance, Iran has dramatically increased its gold imports, bringing in six times more bullion than it did last year—about 43 tons in total, according to a report from Iran International. According to Iran's Customs, between March 21 and September 20 (the first half of the Iranian calendar year), the country imported around 43 tons of gold, valued at $2.5 billion. That’s a massive jump from the 7.3 tons (worth $466 million) it imported during the same period last year. Iran has been tweaking its foreign exchange rules in response to ongoing sanctions. Exporters in big industries like petrochemicals, steel, and oil were allowed to import gold instead of foreign currency, but the central bank stopped this for some exporters in June. Experts think this gold import boom might be part of a strategy to manage currency shortages and keep trade flowing despite the sanctions.

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