Q1 2019 Comments:
1. The People’s Bank of China recently reported M1 money supply growth of 0% in January 2019 (Fig. 13).
2. U.S. interest expense as a percentage of U.S. government outlays has started its ascent (Fig. 20).
3. China is a net seller of long-term U.S. Securities (Fig. 23).
4. China Central Bank has added about 40 tonnes of gold since December 2018 through March 2019 (Fig. 30). There was previously a two year hiatus until the recent buying.
5. World Central Banks gold holdings are at a 20 year high at 33,871 tonnes as of February 28, 2019 (Fig. 32).
6. There is a significant value gap between larger cap and small cap gold companies (Fig. 52).
You can download the full Gold Monitor Q1 2019 from Tocqueville Asset Management HERE