Gold SWOT: Jeff Currie sees Treasury buybacks as bullish for gold

By Frank E Holmes – Kitco News

• The best-performing precious metal for the week was platinum, though it was still off 1.30% and roughly in line with gold’s price this week. Continued gold ETF inflows signal resilient investor demand. Investors remain willing to add gold exposure during periods of price weakness, with continued ETF inflows reflecting persistent concerns over currency intervention, fiscal sustainability and the long-term purchasing power of fiat currencies, according to BMO.
  
• China accelerates gold purchases as central bank demand remains strong. The People’s Bank of China added 650,000 troy ounces of gold to its reserves in August, its largest monthly purchase since late 2023 and the 22nd consecutive month of buying. China’s official gold holdings reached 76.73 million troy ounces, with 3.93 million troy ounces added since the current buying streak began in November 2024.
  
• Aya Gold & Silver’s Boumadine PEA highlights robust project economics. Aya Gold announced an updated Preliminary Economic Assessment for its Boumadine project, estimating an after-tax NPV5% of $3.5 billion and an IRR of 93%, based on gold at $3,500 per ounce and silver at $50 per ounce. The NPV significantly exceeds Street consensus of $1.5 billion, according to CIBC.