The most important gold buyers

Central banks around the world are stocking up on gold. According to the World Gold Council, central banks had accumulated a total of around 36,000 tons. However, there are also central banks that do not or only partially disclose their gold reserves. At the moment, China in particular is eagerly buying gold. The People’s Bank of China has increased its gold reserves for 16 months in a row. Other net buyers were India, Kazakhstan, Singapore and Qatar. Only two central banks have been notable sellers recently, namely the central banks of Uzbekistan and Jordan. The central banks buying gold are all either part of the BRICS states or from Asia or the Middle East. Central banks from North America or Western Europe are holding back. The trend towards de-dollarization is not only being followed by China, but also by Russia, which is increasing its foreign currency and gold reserves. After the attack on Ukraine, the governments of Europe and the USA confiscated around 500 billion US dollars of Russia’s foreign currency reserves. It is striking that central banks are buying gold and not waiting for a weaker gold price like the retail sector.

In the long term, gold is also worthwhile for private investors, as the past shows. The price of the precious metal began its steep rise last October. At that time, the Fed started pricing in three interest rate cuts for 2024. Today, developing countries are among the most eager buyers alongside China, and they are also buying at high prices. This is because there is a fear that foreign exchange reserves could be frozen. This is what happened to Russia after the war of aggression against Ukraine. The war in the Gaza Strip and the quarrels between China and Taiwan are also causing instability. The problems of merchant ships in the Red Sea caused by the Houthi rebels have not yet been resolved either. In addition to gold, gold companies are also in the spotlight.

Gold companies such as GoldMining and Skeena Resources own gold in the ground.

GoldMining – https://www.commodity-tv.com/ondemand/companies/profil/goldmining-inc/ – owns gold and gold-copper properties in North and South America and one of the largest gold resources in the world.

Skeena Resources – https://www.commodity-tv.com/ondemand/companies/profil/skeena-resources-ltd/ – is working to revitalize two past producing gold properties in British Columbia’s Golden Triangle.

Latest corporate information and press releases from Skeena Resources (- https://www.resource-capital.ch/en/companies/skeena-resources-ltd/ -) and GoldMining (- https://www.resource-capital.ch/en/companies/goldmining-inc/ -)

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