Jeff Currie Turns Long Gold as Central Banks Keep Buying After 13-Year Quarterly Slump
Updated
Updated · CNBC · Aug 17
Jeff Currie Turns Long Gold as Central Banks Keep Buying After 13-Year Quarterly Slump
2 articles · Updated · CNBC · Aug 17
Summary
Jeff Currie said he has flipped from short to long gold in recent months, arguing bullion remains on a long-term uptrend despite recent volatility.
Central bank buying—especially from China, Turkey, India and Poland—has been the key support since 2022, as reserve managers seek assets less exposed to sanctions or foreign freezes.
Gold’s worst quarter in 13 years through June came after many countries sold bullion to raise cash during the Strait of Hormuz disruption and higher oil costs, moves Currie called transient.
June World Gold Council survey data reinforced that view, showing central banks increasingly repatriating gold reserves as geopolitical tensions and inflation risks persist.
Currie expects gold, silver and other hard assets to stay volatile, but said future spikes and pullbacks should occur at higher levels.