“Gold would be closer to $2,300 an ounce instead of about $1,780, to match the 10-year relationship between the copper/gold ratio and bonds,” the report said.
And the euro is the one benefiting from this shift, with the share of euro transactions rising, especially when it comes to Russian’s trade with China.
As gold continues its attempt to breach the $1,800 level, a former JP Morgan managing director told Kitco News that the precious metal could see a big move up soon.