China continues to accumulate gold
(PresseBox) - .
For the eighth month in a row, the Chinese central bank has continued to buy gold.
According to a statement by the People s Bank of China, a further 165 tons of gold were added in June, so that a total of 2,113 tons of gold are now in the possession of the Chinese central bank. Presumably, this is intended on the one hand to give the currency more credibility. And for another, China, along with other countries, is trying to achieve so-called de-dollarization. For example, many of China s trade deals are done in renminbi. By the end of 2022, central banks around the world held a total of nearly 36,000 tons of gold. And after record purchases in 2022, gold purchases continue, supporting gold prices. China ranks fifth in global gold reserves.
When buying gold, the central banks certainly also have the debt in the USA in mind. Since the recent increase in the debt ceiling, the national debt has already grown by another trillion US dollars. On the gold supply side, an increase of around two percent is expected this year. Jewelry, industrial and retail sectors expect gold consumption figures to rise. Should there be a mild recession in the U.S., gold sales for liquidity reasons are not likely to occur.
Should there be further banking crises or other calamities, this would be another support for the gold price. And then there are the interest rate expectations regarding the Fed. These should decrease in the coming months, which is also positive for the price of the precious metal. Gold stocks in the stock portfolio should not be missing anyway, perhaps even a royalty company that shines with diversification.
There s Osisko Gold Royalties - https://www.commodity-tv.com/ondemand/companies/profil/osisko-gold-royalties-ltd/ . The company has more than 180 royalties and streams, focused on North America. Included is a noteworthy five percent net smelter return royalty with respect to the largest gold mine (Malartic Mine) in Canada.
Gold Royalty - https://www.commodity-tv.com/ondemand/companies/profil/gold-royalty-corp/ - is also well positioned in the royalty sector, throughout America. More than 200 royalties are in the portfolio. Many exploration opportunities exist in the underlying projects for this company as well.
Current company information and press releases from Gold Royalty (- https://www.resource-capital.ch/en/companies/gold-royalty-corp/ -) and Osisko Gold Royalties (- https://www.resource-capital.ch/en/companies/osisko-gold-royalties-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: 12.07.2023 - 11:04 Uhr
Sprache: Deutsch
News-ID 687443
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"China continues to accumulate gold"
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