Central banks continue to buy gold

Central banks continue to buy gold

Last year, central banks bought 1,136 tons of gold, a record

Singapore struck in January 2023, adding 45 tons to its gold reserves, according to the World Gold Council. This means Singapore bought more gold in one month than at any time since June 2021. At the same time, it is the highest monthly purchase since records began. The records have been in place since August 2000. In total, Singapore now owns nearly 200 tons of gold. According to estimates from the World Gold Council, central banks as a whole added about 77 tons of gold to their gold reserves in January 2023. On a month-over-month basis, this still represents a 192 percent increase. As a result of this gold purchase in January, Singapore has relegated Turkey to second place. The latter bought 23 tons of gold. China picked up 15 tons, up from 62 tons in November and December 2022, meaning China is likely sitting on a gold hoard of 2,025 tons of gold. Also on the list of buyers is Kazakhstan (four tons of gold).

The Central Bank of Uzbekistan sold gold in January and bought it again in February. The country thus increased its reserves for the first time since October 2022. Around 66 percent of Uzbekistan's total reserves now consist of gold. Globally, all countries together held about 52,000 tons of gold in 2022. The World Gold Council considers gold to be a good argument in 2023 as well. This is because it will be attractive due to increased geopolitical risk and an economic slowdown. Further purchases by central banks are likely. Private investors should also follow the banks' lead and have equity securities of gold companies in their portfolios, for example. There is Mawson Gold - https://www.commodity-tv.com/play/mawson-gold-significant-re-rating-potential-with-southern-cross-gold-share-and-finnish-assets/ - with its Rajapalot project in Finland (gold and cobalt). There are stakes in other gold projects in Sweden and in Australia. Osisko Development - https://www.commodity-tv.com/ondemand/companies/profil/osisko-development-corp/ - also has good projects. These are the Cariboo gold project in Canada, the Tintic project in the USA and the San Antonio gold project in Mexico.

Current corporate information and press releases from Mawson Gold (https://www.resource-capital.ch/de/unternehmen/mawson-gold-ltd/) and Osisko Development (https://www.resource-capital.ch/de/unternehmen/osisko-development-corp/).

In accordance with §34 of the German Securities Trading Act (WpHG), I would like to point out that partners, authors and employees may hold shares in the respective companies addressed and that there is therefore a possible conflict of interest. No guarantee for the translation into German. Only the English version of this news is valid.

 Disclaimer: The information provided does not constitute any form of recommendation or advice. Express reference is made to the risks involved in securities trading. No liability can be accepted for any damages arising from the use of this blog. I would like to point out that shares and especially warrant investments are fundamentally associated with risk. The total loss of the invested capital cannot be excluded. All information and sources are carefully researched. However, no guarantee is given for the correctness of all contents. Despite the greatest care, I expressly reserve the right to make a mistake, especially with regard to figures and prices. The information contained is taken from sources that are considered reliable, but in no way claim to be correct or complete. Due to judicial decisions the contents of linked external pages are to be answered for (so among other things regional court Hamburg, in the judgement of 12.05.1998 - 312 O 85/98), as long as no explicit dissociation from these takes place. Despite careful control of the contents, I do not assume any liability for the contents of linked external pages. The respective operators are exclusively responsible for their content. The disclaimer of Swiss Resource Capital AG applies additionally: https://www.resource-capital.ch/de/disclaimer-agb/