Is there a golden autumn this time
For the rest of the summer, expectations of a rising gold price are rather low
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It is generally assumed that healthy economic growth suggests that the Fed will continue its restrictive behavior until the end of the year. The gold price should therefore continue to hover around the USD 1,950 per ounce mark. For the fall, various analysts seem to be rather more positive. Recession expectations have been postponed until the beginning of 2024 or have declined. A slowdown in economic growth is to be expected. It is uncertain whether there will still be a recession in the USA. If the Fed announces in the fall that the key interest rate will not be raised again, this will increase the chances of interest rate cuts in 2024. This could then happen from the middle of next year. This should turn the price of gold upward and lift the price of a troy ounce of gold to $2,000 or more.
Central banks are also focusing heavily on buying gold again. In June, central banks were net buyers of gold. According to the World Gold Council, only two central banks sold gold, while six increased their gold reserves. Turkey and China were among the significant buyers. Turkey had sold gold for three consecutive months. This was because retail demand in Turkey was so high that the central bank had to replenish. Gold was so popular because the Turkish currency was weakening and at the same time inflation was going up. Another central bank, Poland's, also bought gold heavily. The two central banks that stood out, which had reduced their gold reserves in June, were Singapore and Kazakhstan. German citizens are also fond of gold. According to a survey, for example, coins are among the most popular collectibles. Another way to bet on the gold price is to invest in well-positioned gold companies. Here Caledonia Mining or Karora Resources are appealing. Caledonia Mining (https://www.commodity-tv.com/ondemand/companies/profil/caledonia-mining-corporation-plc/) has been producing successfully for years at its Blanket gold mine in Zimbabwe. In the first half of 2023, the mine produced nearly 33,500 ounces of gold. Also a successful producer is Karora Resources (https://www.commodity-tv.com/ondemand/companies/profil/karora-resources-inc/). The two gold mines in Western Australia produced nearly 41,000 ounces of gold in the second quarter of 2023.
Current corporate information and press releases from Karora Resources (https://www.resource-capital.ch/en/companies/karora-resources-inc/) and from Caledonia Mining (https://www.resource-capital.ch/en/companies/caledonia-mining-corp/).
In accordance with §34 of the German Securities Trading Act (WpHG), I would like to point out that partners, authors and employees may hold shares in the respective companies addressed 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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