Influences on the gold price

Economic growth influences the demand for gold in several areas such as jewelry, technology and investments. Market risk also plays a role. Investors see gold as a hedge against currency devaluation, as a safe haven and as a hedge against inflation, not to mention the geopolitical risks that make gold attractive. Looking at gold mine production, it has fallen from 3,200 to 3,300 tons per year in the years 2018 to 2020 to 3,000 to 3,100 in the period between 2021 and 2023. It seems that not as much money has been invested in the search for new gold deposits. The largest gold producers worldwide are China, Australia, Russia, the USA and Canada. The biggest buyers of physical gold are China and India. And in recent years, central banks have been particularly active in buying gold and are likely to continue to do so. 2022 brought an annual high; central banks have not increased their gold reserves like this year for 55 years. Central banks also added more than 1,000 tons to their gold reserves in 2023. Demand for the precious metal is strong, not least due to global uncertainties. And it is unlikely that these uncertainties will diminish. On the contrary, they may intensify, and new geopolitical risk areas may emerge. Gold expert Brien Lundin predicts even higher gold prices. He expects a gold price of between USD 6,000 and 8,000 per troy ounce, although it is difficult to predict when this will happen. Many analysts are also predicting a gold price of between 2,600 and 3,000 US dollars for this year. This is because there are still a not inconsiderable number of investors who will jump on the gold bandwagon. This will push up the price of gold and the shares of gold companies. Among the gold companies, Tudor Gold and Chesapeake Gold are the favorites. 

Tudor Gold's - https://www.commodity-tv.com/ondemand/companies/profil/tudor-gold-corp/ - Treaty Creek project is a prospective gold and copper property in British Columbia. Recent drilling has returned up to almost 14 grams of gold equivalent per tonne of rock. 

Chesapeake Gold - https://www.commodity-tv.com/ondemand/companies/profil/chesapeake-gold-corp/ - has gold and silver in its promising Metates project in Mexico.

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