Could Central Bank Buying Send Gold To $3,000?

Mortgage Rates Hit Lowest Level in Over a YearThe average rate for a 30-year mortgage has dropped to 6.47%, the lowest in over a year, providing a boost for prospective homebuyers and homeowners looking to refinance.   This decline follows a decrease in the 10-year Treasury yield, driven by disappointing labor market data.

Although the lower rates have led to more refinancing applications, economists predict that mortgage rates will stay above 6% this year. While the rate reduction could improve purchasing power, high home prices and limited housing supply remain obstacles for buyers. The recent rate decline aligns with expectations of possible Federal Reserve rate cuts as inflation eases.  Archaeologists Discover Rare Hoard of Persian Coins in Ancient Greek City  Archaeologists have uncovered a pot of gold coins in the ancient Greek city of Notion, located in present-day western Turkey.  This discovery, made during an excavation led by Dr. Christopher Ratté from the University of Michigan, dates to the fifth century B.C. The coins, known as Persian darics, were found buried beneath the floor of a courtyard house and are believed to have been the life savings of a Greek mercenary.  UAE Halts Operations at 32 Gold Refineries to Combat Money Laundering The United Arab Emirates has temporarily suspended operations at 32 gold refineries, representing about 5% of its gold sector, as part of a crackdown on money laundering.  The suspended refineries were found to have committed 256 violations, including failing to assess risks and check customer databases against terrorism watchlists. This move is part of the UAE’s broader effort to improve its financial reputation amid concerns about money laundering and gold smuggling.  World Gold Council: Central Banks Plan to Buy More  In 2023, central banks bought 1,037 tons of gold, just shy of the record 1,082 tons in 2022. The World Gold Council’s 2024 Central Bank Gold Reserves Survey, conducted with 70 central bank respondents, reveals that 29% plan to increase their gold reserves in the next year – the highest level since the survey began in 2018. More By This Author:Why You Should Invest In Gold – The Simple Truth 9 Reasons Why Gold Will Soon Replace Treasuries As The Ultimate Store-Of-Value AssetWill We See A BRICS Currency?