China's Gold Buying Spree Is Just Getting Started
Willem Middelkoop, author of 'The Big Reset,' says China is buying every dip in gold and favors lower prices to continue accumulating metal. He claims that central banks are now the main drivers of the gold price and are hoarding physical gold.
Middelkoop estimates that China bought more than 150 tonnes of gold in June, which is significantly higher than the officially reported figure of 15 tonnes. He argues that Chinese demand for gold and silver is running 150% to 200% above last year's levels.
The 'Big Reset' author says a monetary reset is a gradual process, not a binary event, and that we are already seeing its effects. Gold has overtaken U.S. Treasuries as the second-largest reserve asset behind the dollar, with gold now making up about 27% of global reserves.
Middelkoop also predicts that silver prices will reach $500 due to the historical gold-to-silver ratio. He believes that gold miners are undervalued and that we are at the start of a 'generational' bull market in commodities.