Central banks and their gold reserves

Gold-hungry central banks have acquired the majority of their gold reserves in the past 14 years. Central banks buy gold to minimize risks, promote economic stability, and hedge against inflationary risks. The fear of a new global financial crisis is also likely to have grown. As the World Gold Council found out in a survey, 70 percent of the central bankers surveyed expect global gold reserves to continue to rise over the next twelve months. This is because gold is a "long-term store of value", according to the often-heard argument. Central banks acquired more than 1,000 tons of gold in both 2022 and 2023. And the first quarter of 2024 was also characterized by strong buying interest. 290 tons of gold were added to the central banks‘ gold reserves.

Thus, approximately one-fifth of the total global gold reserves are held by central banks. The United States holds the largest gold reserves, with most stored in Denver, Fort Knox, and West Point. Germany claims the second position with less than half the gold reserves of the US, much of which is held abroad, especially in New York, France, and London. Nearly half of Germany’s gold reserves are stored in Frankfurt. Italy ranks third in terms of central banks with the largest gold reserves, much of which is also held abroad. France follows in the ranking, with all of its gold stored domestically in underground vaults, 27 meters below street level. Similarly, Russia, the fifth-ranked country, stores its gold domestically in Moscow and St. Petersburg. China, Switzerland, Japan, India, and the Netherlands follow.

Private investors should also consider allocating a portion of their wealth to gold and/or gold stocks, such as Skeena Resources or Victoria Gold.

Skeena Resources – https://www.commodity-tv.com/ondemand/companies/profil/skeena-resources-ltd/ – is focused on revitalizing two previously producing gold properties in the Golden Triangle of British Columbia.

Victoria Gold – https://www.commodity-tv.com/ondemand/companies/profil/victoria-gold-corp/ – anticipates gold production from its Eagle Gold Mine in Yukon to range between 165,000 and 185,000 ounces for the current year. The first quarter saw a gold production of nearly 30,000 ounces.

For current company information and press releases from Victoria Gold (- https://www.resource-capital.ch/… -) and Skeena Resources (- https://www.resource-capital.ch/… -).

In accordance with §34 WpHG, I would like to point out that partners, authors, and employees may hold shares in the companies mentioned, thus creating a potential conflict of interest. No guarantee for the translation into German. Only the English version of this news is valid.

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