Goldman Sachs recommends bet on gold
Goldman Sachs sees the price of gold at USD 2,700 per troy ounce at the beginning of 2025.
(PresseBox) - Gold stands out as the commodity with the greatest confidence in short-term upward movements, according to the global financial services provider. Goldman Sachs has also issued a long trading recommendation for gold. Fears over sovereign debt, the impending interest rate cuts and US financial sanctions will continue to fuel central bank gold buying. Gold represents a significant hedge in the portfolio. It is not surprising that the USA, as the richest nation and largest economy in the world, owns the most gold. However, the gold is not where you would expect it to be, namely at the US central bank. We always hear from the media that the US central bank stores the most gold. It is said to be 8,133 tons. Most of this treasure is stored in Denver, Fort Knox and West Point. The rest is used to mint coins.
According to the Board of Governors of the Federal Reserve System, the Federal Reserve has not held any gold since 1934. How can that be? The U.S. gold holdings do not include the gold that is stored "under reserve" at the Federal Reserve banks. The fact is that each of the Federal Reserve districts has its own bank. In 1934, the Fed turned over all of its gold in exchange for gold certificates, so it does not own any gold. Under the Gold Reserve Act of 1934, ownership of all the gold in the Federal Reserve System had to be transferred to the Treasury Department. The gold certificates issued for this purpose are denominated in US dollars. But now to the modern era and the international monetary authorities: in the early 1990s and 2000s, central banks sold gold. Since 2010, central banks have been net buyers of gold. Just as central banks love and accumulate gold today, private investors should also hedge with gold investments. Well-positioned gold companies include Calibre Mining and Fury Gold Mines.
Calibre Mining - https://www.commodity-tv.com/ondemand/companies/profil/calibre-mining-corp/ - is a medium-sized gold producer focused on North and South America.
Fury Gold Mines - https://www.commodity-tv.com/ondemand/companies/profil/fury-gold-mines-ltd/ - is on the move in Nunavut and Quebec. The Eau Claire project has just identified more than 12 grams of gold per tonne of rock.
Current company information and press releases from Calibre Mining (- https://www.resource-capital.ch/en/companies/calibre-mining-corp/ -) and Fury Gold Mines (- https://www.resource-capital.ch/en/companies/fury-gold-mines-ltd/ -).
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Datum: 12.09.2024 - 08:43 Uhr
Sprache: Deutsch
News-ID 711403
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