Ukraine Gold Rush? Profit-Taking Hits $1900 Bullion, Not Buying
- First, panic headlines spur speculative betting in Comex options;
- Underlying investment flips negative as physical traders take profit;
- Fingers crossed, the crisis then recedes;
- That leaves gold's fundamental strength (or weakness) to decide the longer-term path.
- Euro gold yesterday touched August 2020 levels, less than 4% below its record high; sales by Eurozone residents outweighed demand 7-to-1;
- Sterling gold remains furthest below its all-time high, and selling among UK clients on Thursday’s spike was only one-third larger than demand;
- Gold priced in the Japanese Yen meantime very nearly touched its record high of August 2020; there were no Yen purchases by BullionVault users, only sales.

- Asian consumer demand continues to rebound from the Covid shutdown;
- Central banks also continue to accumulate gold as a group;
- Most notably, gold's rise against the stock-market drop so far in 2022 suggests that portfolio managers are using gold to spread risk as the cost of living hits corporate earnings and drives borrowing costs higher.