Spot Gold Price Hits New Record High As ETFs Continue To Contract

Spot Gold prices spiked above $2185 this morning on the jobs data – a new record high for the precious metal – dipped back lower… then saw another wave of buying to lift it to another record high at $2195…

As we detailed previously, in recent years the swing buyers have been ETFs, which hold about 2,500 tonnes of gold. But ETF holdings have been falling even as the dollar price of gold has been rising…

…

…and, as Peter Schiff recently noted, the real driving force behind gold’s price increase appears to be foreign central banks, which have been significant buyers of the metal.

https://youtu.be/cwUxCDnTibQ

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