One of many central banks that relies on gold - Ecuador
The gold acquisition program of the Central Bank of Ecuador is an example of the goals of many other central banks.
The basis for Ecuador is a legal framework that has increasingly focused on gold mining, particularly in the last three years. Sustainable mining practices are being promoted, economic development is being supported and the conditions for mining companies and small-scale mining in the financial sector have been strengthened. Ecuador can now acquire non-monetary gold, either from small-scale mining or from mining companies, both authorized. Central bank offices in Quito, Machala and soon in Zamora serve as hubs. These promote access and the commercialization of gold. They also reduce costs for miners, promote good environmental practices, monitor illegal activities and advocate a fair pricing policy. This promotes the economic development of mining communities and increases the country's international reserves. The highest environmental standards are observed, and transparency and accountability are closely scrutinized. An important aspect of the program is the due diligence process. On the one hand, it strengthens the activities of the participants, and on the other, it reduces the risk of illegal activities. Mining companies are visited on site by the offices in accordance with the due diligence practices of the London Bullion Market Association (LBMA).
Ecuador's gold acquisition program began in 2013 and since then the country's reserves have been increased by more than USD 534 million. The aim is to further increase gold purchases, de-dollarize and strengthen international reserves. Ecuador is just one example of many central banks, especially in emerging countries, that want to increase their gold reserves. This is a plus for the gold price and companies with gold in mining projects such as Revival Gold or Fury Gold Mines.
Revival Gold - https://www.commodity-tv.com/ondemand/companies/profil/revival-gold-inc/ - develops gold mines in the west of the USA. Particular highlights are the Mercur gold project in Utah and the Beartrack-Arnett gold project in Idaho.
Fury Gold Mines - https://www.commodity-tv.com/ondemand/companies/profil/fury-gold-mines-ltd/ - operates in Nunavut and Quebec, is well financed and has a multi-million-ounce gold platform. More than 12 grams of gold per tonne of rock have already been identified at the Eau Claire project.
Current company information and press releases from Fury Gold Mines (https://www.resource-capital.ch/en/companies/fury-gold-mines-ltd/ ).
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