“I think what’s really important is that we’ve seen record stock buybacks,” Holmes says. He adds that this is why he thinks equities are on the rise.
Holmes also comments on the new Shanghai-based bullion exchange and the fact that China has allowed three more banks to import the metal. “[China] wants to become the king player, the market marker in gold,” he says. What Holmes finds most interesting is that China is looking to make the metal convertible in Yuan terms. Holmes also looks at the upcoming Indian festival as well as recent Fed comments that some say may be hinting at a rise in rates.