China's biggest brokerage sees gold price at record highs this year China gold prices
Citic Securities - China's biggest publicly traded brokerage - is looking at gold hitting record highs this year, citing central banks' gold buying as one of the most reliable bullish signals.
Based on the latest data, central banks purchased 673 tons of gold in the first three quarters of last year, outpacing total annual purchases since 1967 — when the U.S. dollar was still backed by gold. Gold is currently in a bullish trend, with prices up more than 6% since the start of the year, which is the best January since 2012.The WGC pointed out that there was a sizeable unknown contingent of central banks buying gold, with markets immediately looking at China and Russia as potential candidates.
"Armed with a flows-based approach, we present strong evidence that behemoth Chinese and official sector purchases may have single-handedly catalyzed a $150/oz mispricing in gold markets," said the bank's senior commodity strategist Daniel Ghali.
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