In the "land of gold", gold is highly prized
After the Hungarian central bank surprised the gold markets with its announcement in March that it had bought a massive amount of gold, Thailand has now made a strong move. The Thai central bank bought a total of 90 tons of gold in April and May. This should put Thailand in first place for gold purchases in the first half of 2021. The 90 tons of gold represents an increase of 43.5 tons of gold in April and 46.5 tons in May. Thailand's total gold reserves have thus increased from 154 tons to 244 tons, representing a good 58 percent. The Central Bank of Thailand did not provide a comment. When central banks publish updates of their reserve data, as the Bank of Thailand does, the data is also reported to the International Monetary Fund (IMF). This data is then used by the World Gold Council, for example.
Thailand is the third largest gold market after China and India. Physical gold is of great importance to Thai society and culture. Jewelry as well as coins and bars are considered a form of savings and investment. Gold is important in weddings and religious ceremonies. China and Russia are officially no longer gold buyers since 2019 and 2020, respectively, so the purchase by the Thai central bank was all the more surprising. However, there is no information about the form of the purchased gold or about the storage location. The reasons for the sharp increase in gold reserves are probably the same as those that prompted the Hungarian and Polish central banks to buy gold. "Safe haven, store of value and one of the safest assets in the world" are probably the buzzwords.
These criteria also apply to private investors, which is why shares in gold companies such as Gold Terra Resource or Ximen Mining are also an option.
Gold Terra Resource - https://www.youtube.com/watch?v=4mwHvYTmwAU - has a huge land package of about 800 square kilometers with the Yellowknife City Gold Project in the Northwest Territories. Several targets and significant zones of gold mineralization have been identified.
Ximen Mining - https://www.youtube.com/watch?v=Sjbahkv2_6U - has two gold projects in British Columbia (Amelia Gold Mine, Brett) and one silver project (Treasure Mountain) subject to an option agreement.
Latest corporate information and press releases from Gold Terra Resource (https://www.resource-capital.ch/en/companies/gold-terra-resource-corp/).
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