GoldFix

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GoldFix
Japan's Largest Bank on Gold

Japan's Largest Bank on Gold

Tactically Neutral Structurally Bullish

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VBL
Nov 16, 2023
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GoldFix
GoldFix
Japan's Largest Bank on Gold
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Mitsubishi UFJ Financial Group, (MUFG) Inc. is a Japanese bank holding and financial services company headquartered in Chiyoda, Tokyo, Japan. It is Japan's largest financial group and the world's second largest bank holding company

Comment: Given the recent Yield Curve Control abandonment in Japan, this is a timely analysis considering Japan has reportedly been a buyer recently on the back of a weaker Yen.

Bottom Line:

  • They like that Gold has held immediate gains post CPI

  • Real Rates didn’t hurt Gold much on way up, it should help on their way down

  • Historically, chronic Middle East wars without Oil risk erode Gold gains

  • Central Bank buying shows no signs of letting up yet

  • Tactically neutral (War premium may have more to come out counterbalanced by The CPI reaction) Structurally Bullish

Contents:

  1. Gold Looks Very Good Post CPI

  2. Bond Rally Closes Gap in Real Rate Risk

  3. Geopolitical Comment. Don’t Get Hopeful

  4. Gold’s War Risk Premium Analysis

  5. Central Banks Still Buying, Even if Managed Money is Not

  6. Bank’s Price Forecast

  7. Technical Levels

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