Gold price - not far from record high

Gold price - not far from record high

The most recent record price for gold is USD 2,483 per troy ounce.

It is the geopolitical disputes that are driving the gold price. Ukraine has invaded Russia and the Middle East is still seething. The Fed's interest rate cuts are imminent, so a new record price should only be a matter of time. Many governments are increasingly turning to the precious metal as a hedge. A motivation that also applies to private investors. The most recent example is Ghana. The first commercial gold refinery has just opened in the capital Accra. Gold has been mined in Ghana for centuries and Africa's leading gold producers are striving to make more of the gold produced in their own country. So now the Royal Ghana Gold Refinery will process up to 400 kilograms of gold a day.

Initially, the gold will be processed by small-scale and artisanal mines. Then the Royal Ghana Gold Refinery will acquire licenses to process from large-scale mines. The refinery was established through a partnership between Rosy Royal Minerals of India and the Central Bank of Ghana, which holds a 20% stake in the refinery. Ghana's government now hopes to curb gold smuggling. National revenues from the precious metal should also be increased. At the same time, this will also create jobs.

Around 40 percent of the world's refining capacity is located in Switzerland. The fact that Switzerland has such an important position in the gold trade has its roots in the 19th century, when several gold refineries were founded in Switzerland. Even though there are no gold mines in the country, the Swiss National Bank has considerable gold reserves and Switzerland is the center of the gold trade. Gold is not only highly prized by many governments, private investors should also not do without a certain amount of gold or stock up on solid values from gold companies such as Revival Gold or Chesapeake Gold.

Revival Gold - https://www.commodity-tv.com/play/revival-gold-insight-into-the-strategy-to-bring-two-gold-projects-in-the-usa-to-production/ - has the largest formerly producing gold mine in Idaho, exploration work is underway. The company is also working on the Mercur gold project in Utah. The exploration and development program there is also making good progress.

Chesapeake Gold - https://www.commodity-tv.com/play/mining-news-with-calibre-mining-chesapeake-gold-and-meridian-mining/ - owns gold and silver in its Metates project in Mexico. At another project, the Lucy project, also located in Mexico, up to 5.2 grams of gold per tonne of rock have just been identified in drilling.

In accordance with §34 WpHG, I would like to point out that partners, authors and employees may hold shares in the companies mentioned 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.

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