Large gold consumers hoard gold
In order to bring more gold into the country, the Turkish Ministry of Finance is working on changes concerning the certification and standardisation of gold. This includes gold that is not certified by the London Bullion Market Association (LBMA).
The Turkish Stock Exchange has been monitoring the market for precious metals since 2013 and is a member of LBMA, an international trading association. The gold mined in Turkey is not enough to meet demand. This is because the precious metal has long held a strong position as a hedge against turbulence. Also, traditionally gold is still given away on various occasions. According to the World Gold Council the demand for gold bars also rose there in the last quarter.
There are some drivers for the gold price, not just a love of tradition or the desire to hedge. Economic growth also supports the demand for gold, especially jewellery. Another price driver for the precious metal are the so-called opportunity costs. If competing assets, such as bonds, lose their attractiveness, this benefits the gold price.
All in all, the gold price should remain well supported in 2020 and should please investors, especially those who invest in gold companies. Bluestone Resources or US Gold, for example, are suitable for an investment.
Bluestone Resources owns a high-grade gold project in Guatemala with its Cerro Blanco gold project - https://www.commodity-tv.com/play/bluestone-resources-update-on-cerro-blanco-and-political-situation-in-guatemala/. According to a current resource estimate (measured and indicated), the project contains approximately 1.4 million ounces of gold and five million ounces of silver in approximately 4.3 million tonnes of rock.
US Gold owns prospective projects in the Nevada gold country (Keystone, Gold Bar North, Maggie Creek) and the Copper King project in Wyoming (gold and copper) - https://www.commodity-tv.com/play/us-gold-acquisition-of-maggie-creek-pfs-for-keyhole-copper-deposit-in-2020/.
Latest corporate news and press releases from Bluestone Resources (https://www.resource-capital.ch/en/companies/bluestone-resources-inc/) and US Gold (https://www.resource-capital.ch/en/companies/us-gold-corp/).
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