Countries eyeing gold
Hungary has increased its gold reserves enormously and India is importing a lot of gold again
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Even if the gold price is not moving much at the moment, a new wave of buying could be imminent. Some countries have already struck. Hungary, for example, has tripled its gold reserves and now holds 94.5 tons of the precious metal. This is the highest level the country has seen in decades. The reason given is the desire for stabilization in times of corona, inflation risks and debt growth. Hungary cited "the importance of gold in the national strategy as a safe haven and a store of value.
The central bank of Poland had also recently declared that it would increase its gold reserves by another 100 tons of gold in the next few years. This is because the country is to be perceived more internationally and its economic strength is to gain as a result. For gold, especially gold jewelry, India is an important customer. After many months in which a low demand dominated the market, the tide is now turning.
India's gold imports increased by 471 percent in March compared to the same month last year (160 tons of gold). According to the Indian government, a total of about 321 tons were imported in the first quarter of 2021, a record amount. From January to March 2020, the amount imported was only 124 tons of gold. This growth in 2021 is certainly also due to reduced import taxes and a low gold price in February.
Just as countries rely on gold, it also serves as a financial reserve and crisis hedge for individuals. With leverage on the gold price, gold companies like Aguila American Gold or CanaGold manage this.
Aguila American Gold owns the 70,000-hectare Wusa gold-silver property, located in Oregon, USA. This is located along the Cordillera del Condor geological trend, where successful companies are already operating.
CanaGold is focused on advanced gold projects in North America, in Nevada and British Columbia. Of particular significance is the high-grade New Polaris project.
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