No summer doldrums yet for gold. Well, maybe since the official start date of summer is June 21, but you know what we mean…There is no shortage of gold news.

This week, China announced it was launching a new gold fund as part of its efforts to develop its weakening gold market, which is expected to raise 100 billion yuan ($16 billion). The “Silk Road Gold Fund,” will be led in part by the Shanghai Gold Exchange (SGE). Nice timing. The new gold initiative arrives as demand has dropped throughout the country - it will be interesting to see how it unfolds and performs.

And…The Austrian Central Bank, Oesterreichische Nationalbank (OeNB), is the latest to jump onto the repatriation bandwagon as it released plans Thursday to repatriate its gold from London. The OeNB’s new gold storage policy said that 50% of its gold reserves will be held in Austria by 2020, up from the current level of 17%. Austria is the latest country to follow the repatriation trend following pack-leaders, Germany, Belgium and the Netherlands.
As for gold’s price action, the metal was once again near steady in early U.S. trading Friday.

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