Michael Howell: The real driver of the gold price is China net liquidity injections.
Asia is the marginal buyer for gold and gold price is influenced by PBOC liquidity consisting of:
- MLF https://tradingeconomics.com/china/liquidity-injections-via-mlf
- Outright RRP https://tradingeconomics.com/china/outright-reverse-repo
- Bank RRP https://tradingeconomics.com/china/cash-reserve-ratio
- Daily RRP https://tradingeconomics.com/china/liquidity-injections-via-reverse-repo
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