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Post #1496 211
Morning Bites (part 1)

🏦 Global central banks purchased net 19t of gold in February, vs. the revised +45t in January, marking the 9th consecutive increase in holdings, the World Gold Council (WGC) reports. The major contributors were China (+12t), India and Kazakhstan (+6t both). On the sellers' side were Uzbekistan and Jordan, which sold 12t and 4t, respectively. In our view, the spot gold price has approached its fundamentally reasonable level, amid persistently strong demand from global central banks and market expectations of potential US Fed funds rate cut in 2024

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