China's demand for gold
Chinese New Year is approaching and from a seasonal perspective gold should be in good demand.
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2022 was a very turbulent year. If the US dollar was high in the first three quarters, this led to headwinds for gold and silver, among others. In the fourth quarter of 2022, the U.S. dollar weakened, and gold and silver recorded price gains as a result. Global inflation was still 8.8 percent at the end of 2022. The International Monetary Fund forecasts global inflation to average 6.5 percent in 2023. Gold and silver are suitable for asset diversification, both physically and in the form of investments. In this way, capital values can be increased. This is because the interest paid by banks is not enough to bring the real interest rate out of negative territory.
An important player on the gold market is China. The Chinese New Year, which falls on January 22, will again motivate gold buyers. In addition to the New Year celebration, there is a growing middle class in the Middle Kingdom that can afford more gold. It is not yet certain whether the global economy will slide into recession. If inflation rises unexpectedly, the pandemic flares up again or new geopolitical quarrels arise, this would be fatal for economic development. The World Bank, for example, is warning of a possible recession and has lowered growth for 2023 to 1.7 percent. For 2024, the World Bank expects growth of 2.7 percent. In this context, the World Bank assumes growth of 4.3 percent for China, while zero percent is predicted for the euro zone. In terms of price, gold now has its sights set on US$1,900 per ounce. Those who want to position themselves can do so with an investment in Calibre Mining or Skeena Resources, for example.
In the U.S. and Nicaragua, Calibre Mining - https://www.youtube.com/watch?v=pPx_6CKo_UQ - produced nearly 222,000 ounces of gold in 2022.
Skeena Resources - https://www.youtube.com/watch?v=o7P2EqEjZ3o - is revitalizing the formerly producing Eskay Creek gold-silver mine in British Columbia. Exploration drilling is currently underway.
Current corporate information and press releases from Calibre Mining (https://www.resource-capital.ch/en/companies/calibre-mining-corp/ ) and Skeena Resources (https://www.resource-capital.ch/en/companies/skeena-resources-ltd/ ).
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