The Haven reaction is pretty textbook what we’ve seen as the drivers for the rally until this weekend, perhaps a little bit more confusing. Yeah, definitely, Heidi. I think everyone’s scratching their head over gold at the moment because really gold is flying in the face of what we know of when it it should perform well, really with expectations for rate cuts. And they’ve just been pushed back after a series of really strong economic data out of the US Look, one factor we really can’t ignore in the gold story at the moment is China. We’ve seen just persistently strong demand. From both, you know local investors and also the central bank buying up huge volumes of gold. And it’s, it’s kind of a weird reversal in the trend so to speak because typically China has been. A sector where when prices drop, that’s when demand rises. But if anything, prices are, you know, the Shanghai premiums trading at elevated levels and we’re not seeing any drop off in demand there. And we know China is the biggest consumer of gold. So that really can’t be ignored in the whole gold mystery rally. Story. And you can really see that enthusiasm for for Chinese gold mine in particular when you take a look at some of their gold ETFs and they’re trading at a big premium to net asset values. So are we likely to see a further run up from this point in time? When it comes to China, it’s hard. I mean who knows what will happen, but it’s hard to see or imagine a situation where given the the state of the property sector and the equity sector in that market, it’s hard to see. Imagine a situation where investors are going to turn off gold suddenly, more broadly. What that means for the spot price, it’s hard to say. We have seen in recent weeks a number of banks upgrade their price forecast for gold this year, so seeing 2500. Dollars. An ounce being thrown around quite a bit. Whether that will happen in the near term or a little bit further down the track, it’s hard to say.
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