Introduction
Welcome to Orchid's Gold Weekly report. We discuss gold prices through the lens of the GraniteShares Gold Trust ETF (BAR), which replicates the performance of gold prices by holding physically gold bars in a London vault in the custody of ICBC Standard Bank.
BAR has barely moved since our latest weekly report, suggesting that our July target of $14.55 is unlikely to be reached.
While central bank buying is likely to remain buoyant in H2 2019 and ETF investors could further lift their gold holdings, the speculative community looks overextended.
The