Many countries love gold and buy heavily
(PresseBox) - China, Russia and Turkey in particular are increasingly hedging with gold.
According to the World Gold Council, the USA is still in first place in the ranking of global gold reserves, followed by Germany and Italy. Turkey has recently been particularly diligent in buying gold again, as have China and Russia. In 2022, Turkey imported 264 tons of gold as well as 833 tons of silver. Turkey now owns about four times as much gold as in 2021. On average, Turkey increased its gold treasures by about 22 tons per month last year. One reason is probably the immensely high inflation there. The Turkish lira has depreciated sharply against the US dollar. Silver purchases even reached a record high in 2022.
So gold and silver are in demand! Uncertainties and tensions are many, for example the problems between the USA and China concerning Taiwan. Or think of the many missile launches in North Korea or the Ukraine war, whose end is not in sight. Central banks want to diversify their foreign exchange reserves, and for private investors, investing in safe assets like gold and silver is also a good way to go.
A quasi-geopolitical risk premium supports the price of precious metals and gives them stability. Institutional demand outside of central banks was not particularly strong in 2022, unlike physical demand. If institutional investors turn more to gold and silver again this year, precious metals should be on safe ground. Also, experts expect strong jewelry demand from China after the end of the zero-covid strategy. That s time to take a look at promising gold companies such as Maple Gold Mines or Revival Gold.
Maple Gold Mines - https://www.commodity-tv.com/play/maple-gold-mines-published-excellent-drill-results-and-is-targeting-a-resource-of-5-million-oz-gold/ - and its partner Agnico Eagle are working on two Quebec gold projects in the Abitibi greenstone belt.
Revival s - https://www.commodity-tv.com/play/mining-newsflash-with-uranium-energy-revival-gold-condor-gold-fury-gold-calibre-mining/ - mission is to revitalize the formerly producing Beartrack-Arnett gold property in Idaho. It is the largest formerly producing gold mine in Idaho.
Current corporate information and press releases from Maple Gold Mines (- https://www.resource-capital.ch/en/companies/maple-gold-mines-ltd/ -).
In accordance with ?34 WpHG I would like to point out that partners, authors and employees may hold shares in the respective companies addressed and thus a possible conflict of interest exists. No guarantee for the translation into English. Only the German version of this news is valid.
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Datum: 20.01.2023 - 02:20 Uhr
Sprache: Deutsch
News-ID 675074
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"Many countries love gold and buy heavily"
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