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Post #1247 215
Morning Bites

🏦 Global central banks accumulated net 77t of gold in September, vs. the revised +86t in August, marking the 4th consecutive increase in holdings, the World Gold Council (WGC) reports. The main contributors were China (+26t), Poland (+19t), Uzbekistan (+9t) and Turkey (+8t). There was only 1t of gross sales, underpinning solid gold demand from central banks. Overall, given miners’ rising cash costs, persistently strong demand from global central banks and a potentially lower US Fed funds rate in 1H24, we maintain our bullish view on gold's performance

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