Gold’s Rise, Central Banks, and BRICS Influence with Chris Powell
Chris Powell, a veteran in the gold market, suggests that central banks are manipulating gold prices.
In a recent interview with Sprott Money, Chris Powell, a prominent figure in the precious metals field, delved into the factors driving the surge in gold prices. Powell, known for his work with the Gold Anti-Trust Action Committee (GATA), offered a unique perspective on the role of central banks and the emerging influence of the BRICS nations.
Central Banks: A Double-Edged Sword
Powell expressed surprise at the significant rise in gold prices, particularly given the historical efforts of central banks to suppress the yellow metal. However, he noted a recent shift in their strategy. "Central banks have turned from net sellers and lenders of gold to very big net purchasers," he explained. This shift, coupled with their potential involvement in manipulating the gold market, has contributed to the upward price trajectory.
BRICS and Gold:
The growing influence of the BRICS nations, particularly China and Russia, has also played a role in the gold market. Powell highlighted the potential for these nations to challenge the dominance of the US dollar and promote gold as an alternative reserve currency. "The world is changing," he said. "Countries are slowly moving away from the dollar and rapidly moving into gold and silver."
A Historical Perspective
To illustrate the historical context, Powell referenced the 1974 meeting between Henry Kissinger and Thomas O. Enders, where they discussed the need to prevent Western European allies from returning to a gold standard. This historical event underscores the enduring interest of powerful nations in controlling the gold market.
Looking Ahead
As we move forward, Powell believes that the combination of central bank activity, BRICS influence, and global economic uncertainty will continue to support gold prices. He advises investors to consider adding physical gold and silver to their portfolios as a hedge against inflation and currency devaluation.
In conclusion, Chris Powell's insights provide valuable context for understanding the current gold market dynamics. While central banks may be attempting to influence the price, the underlying fundamentals, such as geopolitical tensions and economic uncertainty, remain strong drivers for gold.
Watch the full interview:
Augusta Precious Metals(Full Review) $0 (10 Years) $50,000 "Best Overall" by Money Magazine, Award-Winning for 6 Years, Thousands of 5-Star Rankings Goldco (Full Review) Vary $25,000 Industry leader with over $2 Billion in gold and silver. Top rated precious metals company with buy back guarantee American Hartford Gold (Full Review) Vary $10,000 American Hartford Gold, ranked #1 Gold Company on Inc. 5000, boasts thousands of A+ BBB ratings and 5-star reviews, endorsed by Bill O'Reilly and Rick Harrison..Expand Details
Renowned for its exceptional customer service and commitment to transparency, Augusta Precious Metals has garnered numerous accolades, including "Best Overall" from Money magazine and "Most Transparent" from Investopedia. The company's dedication to educating and supporting its clients has earned it top ratings from organizations such as A+ from BBB and AAA from BCA.Expand Details
From precious metals iras to direct purchases of gold and silver, goldco have helped thousands of americans place over $2 billion in gold and silver. Top-rated precious metals company rated A+ by the better business bureau rated triple a by business consumer alliance earned over 6,000+ 5-star customer ratings Money.Com 2024 best customer service 2024 inc. 5000 regionals: pacific ranked #17 2024 gold stevie award, fastest growing company inc. 5000 award recipient, 8+ yearsExpand Details
With over $2 billion in precious metals sold, American Hartford Gold helps individuals and families diversify and protect their wealth. Their expert team provides investors with the latest market insights and a historical perspective, ensuring informed decisions. Trusted by public figures and praised for exceptional customer service, the company offers competitive pricing on top-tier gold and silver coins, backed by a 100% customer satisfaction guarantee
Jerusalem Post Store
`; document.getElementById("linkPremium").innerHTML = cont; var divWithLink = document.getElementById("premium-link"); if (divWithLink !== null && divWithLink !== 'undefined') { divWithLink.style.border = "solid 1px #cb0f3e"; divWithLink.style.textAlign = "center"; divWithLink.style.marginBottom = "15px"; divWithLink.style.marginTop = "15px"; divWithLink.style.width = "100%"; divWithLink.style.backgroundColor = "#122952"; divWithLink.style.color = "#ffffff"; divWithLink.style.lineHeight = "1.5"; } } (function (v, i) { });