Central banks buy gold
(PresseBox) - The gold reserves of the United Arab Emirates in particular have increased enormously in the past twelve months.
The United Arab Emirates gold storage facilities are hoarding around 41 percent more than they were a year ago. The country is not alone in this; many other central banks are digging deep into their gold purchases. Last year, central banks added a record total of 1,136 tons of gold to their reserves. The first quarter of 2023 is responsible for the purchase of about 228 tons of gold. Emerging markets such as China, India, Egypt, Qatar and Singapore were among the main buyers. The United Arab Emirates increased its gold reserves by 9.1 percent in the first four months of 2023. This corresponds to around $400 million. As recently as 2018, there were only gold reserves totaling around 309 million U.S. dollars in the vaults of the United Arab Emirates.
Central banks around the world hold more tons of gold than they have in decades. At the end of 2022, they had a good 35,000 tons of gold in their deposits, according to the World Gold Council. Overall, central banks buy more gold than they sell; they are net buyers. Yet there are central banks that do not make their holdings public. When central banks are asked why they buy gold, arguments such as diversification, low real interest rates or risk minimization of portfolios are mentioned.
International geopolitical concerns or the historical price development of gold are also mentioned. For private investors, too, gold serves as a store of value and a safety factor. Investors who want leverage on the gold price can look at stocks like Victoria Gold or Tudor Gold.
Victoria Gold - https://www.commodity-tv.com/ondemand/companies/profil/victoria-gold-corp/ - is successfully producing gold at its Eagle Gold Mine in the Yukon. An average of 202,000 ounces of gold production is expected in the first eight years.
Tudor Gold - https://www.commodity-tv.com/ondemand/companies/profil/tudor-gold-corp/ - owns the Treaty Creek Gold Project in British Columbia. A large diamond drilling program for 2023 is underway, covering 25,000 meters. An improved mineral resource estimate (gold, silver, copper) is expected.
Latest corporate information and press releases from Victoria Gold (- https://www.resource-capital.ch/en/companies/victoria-gold-corp/ -).
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Datum: 27.06.2023 - 04:43 Uhr
Sprache: Deutsch
News-ID 686462
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