Central banks continue to increase their gold reserves

Global central banks secured an additional 19 tons of gold in February. The largest buyer was China. Officially, China bought 12 tons of gold. The People’s Bank of China increased its gold holdings by almost 1,500 tons between 2002 and 2019. Then it went quiet and it was not until the fall of 2022 that the Chinese central bank announced data again. How much gold China owns in total today is therefore uncertain. However, other countries besides China are also busy buying gold, such as the National Bank of Kazakhstan. Six tons of gold were added to its gold reserves in February. The Reserve Bank of India also secured six tons of gold in February. Another country that relies on gold is Turkey. It added 12 tons of gold in January and four tons in February. The Turkish central bank’s gold strategy appears to be a long-term one, even if it sells gold in between.

Other gold buyers in February were Singapore, Qatar, the Czech Republic and the Kyrgyz Republic. By contrast, Uzbekistan and Jordan reduced their gold holdings, according to the World Gold Council. Overall, gold purchases so far this year have been slightly lower than in 2023, but the general trend, namely the central banks‘ hunger for gold, remains intact. The World Gold Council also expects strong purchases by central banks for 2024 as a whole. Gold represents diversification and a store of value, which also applies to private investors. After all, geopolitical uncertainties have not diminished. And there are also bank analysts who expect the central banks‘ hunger for gold to continue over the next six years. In 2023, by the way, central banks will have acquired a total of 1,037 tons of gold. Private investors can invest in physical gold or in gold companies.

We recommend Calibre Mining – https://www.commodity-tv.com/ondemand/companies/profil/calibre-mining-corp/ -, for example. This medium-sized gold producer is active in Canada, Nicaragua and the USA. Last year, the company produced around 280,000 ounces of gold.

Collective Mining – https://www.commodity-tv.com/ondemand/companies/profil/collective-mining/ – focuses on Colombia and on gold, copper, silver and tungsten.

Current company information and press releases from Collective Mining (- https://www.resource-capital.ch/en/companies/collective-mining-ltd/ -) and Calibre Mining (- https://www.resource-capital.ch/en/companies/calibre-mining-corp/ -).

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