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Gwen Preston “Central Banks Are Hungry For Gold”

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Gwen Preston “Central Banks Are Hungry For Gold”

 

 

 

 

 

I quickly wanted to highlight the latest numbers from the World Gold Council on central bank gold purchases. The below is from the Financial Times.

 

Putting it in chart form…

 

And remember that 2023 isn’t over yet – this year’s bar only shows Q1-Q3. It certainly looks like central banks are on pace to buy as much gold as last year’s record level, if not more.

 

There have been lots of reports over the last few months about significant retail gold buying in China as well. It makes sense: a weak renminbi, a lacklustre domestic stock market, and a troubled real estate sector have pushed Chinese to buy as a store of wealth.

 

Rising desire to buy gold is keeping the price near $2000 per oz. It isn’t helping gold equities – central banks don’t buy gold stocks! – but if the pressure continues, at some point the price will reach a point where investors can’t but move into gold stocks.

 

Courtesy of the Resource Maven

Posted November 6, 2023

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