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☆ The US dollar is so strong that China's central bank, among others, just keeps loading up on gold
▼ + stars: | 2024-05-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Central banks are on a gold-buying spree, contributing to record-high spot gold prices. Other central banks are also snapping up gold to diversify their assets on the back of a strong greenback. Other central banks are also loading up on gold. Emerging market central banks that bought gold in the first quarter of the year include Kazakhstan, Oman, Kyrgyzstan, and Poland. There are political motivations for central banks to diversify their assets, too.

Persons: —, it's, bode Organizations: Service, People's Bank of China, greenback, Gold, JPMorgan, Allianz Locations: China, Turkey, India, Kazakhstan, Oman, Kyrgyzstan, Poland, United States

☆ China has a 'fake gold' problem — locals are getting scammed into buying artificial jewelry
▼ + stars: | 2024-05-03 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

Gold bracelets at a gold jewelry store in the Zhejiang Province of China. Thousands of people in China have been duped into forking out money on "fake gold" — inferior or artificial gold — after trying to purchase so-called "999 gold" online, according to the government. The purest form of gold is commonly referred to as 999 gold, because it has gold content of 99.9%. "Fake gold is becoming a major problem in China as more Chinese are looking to put their savings into gold," said China Market Research Group's Managing Director Shaun Rein. Fake gold gets darker or reveals a greenish color when placed under flame, while pure gold turns brighter on exposure to heat.

Persons: Shaun Rein, Nikos Kavalis, Rein, Taobao, Pinduoduo Organizations: Visual China, Getty, Research, India, World Gold, Metals, ChinaFotoPress Locations: Zhejiang Province, China, scammers, Nantong

☆ Billionaire investor David Einhorn shares an overlooked theory for why gold prices have spiked so much
▼ + stars: | 2024-04-28 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +4 min

The recent gold rally is counterintuitive, as high interest rates typically make bullion less attractive. But billionaire investor David Einhorn has a theory that he shared in his latest investor letter. Einhorn suggests that gold's rally is potentially due to countries in the East buying gold from Western nations. To explain the strong run for gold, billionaire investor David Einhorn offered a potential theory in his latest letter to investors published this week. Others, like billionaire investor Ray Dalio, say gold can hedge risks stemming from high government debt levels.

Persons: David Einhorn, Einhorn, —, there's, David Rosenberg, Ed Yardeni, Ray Dalio Organizations: Service, Federal, Greenlight, World Gold, People's Bank of Locations: China, People's Bank of China, India, Singapore

☆ People in China are so spooked about the economy that even the weak yuan isn't stopping them from buying more gold
▼ + stars: | 2024-04-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

China's consumers and its central bank are snapping up gold, even as a falling yuan makes the metal pricier. AdvertisementChina's central bank has also been buying up gold, in much larger quantities than Gen Z's few grams of beans. Related storiesIn 2023, China's central bank bought 225 tons of gold, per the World Gold Council. The two economies have been jostled in the top spots for years, but China's buying spree last year put India behind. Advertisement"The amount of central bank buying is not justifying gold prices at current levels," she wrote.

Persons: —, It's, Georgette Boele Organizations: Service, Bloomberg, People's Bank of China, Gold, World Gold Council, ABN AMRO Locations: China, China's, India, Poland, Singapore, Germany

☆ It's a 'really exciting moment' for gold, says World Gold Council strategist
▼ + stars: | 2024-04-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt's a 'really exciting moment' for gold, says World Gold Council strategistJoseph Cavatoni, North America market strategist at the World Gold Council, discusses what's behind the gold rally and recent record highs.

Persons: Joseph Cavatoni Organizations: Gold, World Gold Locations: North America

☆ Gold prices hit another record high on Fed cut expectations
▼ + stars: | 2024-04-01 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

Gold prices extended their rally and scaled to another record high on Monday, propelled by U.S. interest rate cut expectations and the metal's appeal as a safe haven asset. "I think it's a really exciting moment in gold," said Joseph Cavatoni, market strategist at the World Gold Council told CNBC on Monday. "What's really driving it is, I think, many market speculators really getting that confidence and comfort [in] the Fed cuts," he said. The key Fed inflation gauge for February climbed 2.8% year-on-year, according to data released last Friday — likely to keep the U.S. central bank on hold before it can start considering interest rate cuts. The Fed stood pat on interest rates at the conclusion of its recent March meeting, but stuck with its forecast for three interest rate cuts this year.

Persons: Joseph Cavatoni Organizations: World Gold Council, CNBC, U.S . Federal Reserve, Fed Locations: U.S

☆ BlackRock's Larry Fink says India's love for gold has done little for its economy and investors
▼ + stars: | 2024-03-27 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +2 min

India's fondness for gold has neither benefited its economy nor generated decent returns for investors, BlackRock Founder and Chairman Larry Fink said in his annual letter to shareholders of the world's largest asset manager. Nor has investing in gold helped the country's economy," Fink said. The country's central bank, the Reserve Bank of India, purchased 4.7 tons of gold in February, taking its gold reserves to an all-time high of 817 tons, according to data from World Gold Council. Kavita Chacko, research head of India at World Gold Council, however, said recent record highs in gold prices could hurt demand for the precious metal in India. Indians' love for gold aside, the country's stock markets have been one of the biggest gainers in the Asia-Pacific region with major institutional investors positive on Indian stocks that have hit record highs multiple times this year.

Persons: Larry Fink, " Fink, Fink, Kavita Chacko, Chacko, — CNBC's Lee Ying Shan Organizations: BlackRock, Reserve Bank of India, World Gold, World Gold Council Locations: India, American, Asia, Pacific

☆ Rate cuts are a good environment for gold investment, says World Gold Council's Joe Cavatoni
▼ + stars: | 2024-03-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRate cuts are a good environment for gold investment, says World Gold Council's Joe CavatoniJoe Cavatoni, World Gold Council Market Strategist, joins 'Closing Bell: Overtime' to discuss gold as the commodithy nears all time highs.

Persons: Joe Cavatoni Joe Cavatoni Organizations: Market

☆ 'Act like you're dead': What Anthony Scaramucci tells clients nervous about bitcoin's big swings
▼ + stars: | 2024-03-23 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Bitcoin investors shouldn't sell amid high volatility, Anthony Scaramucci said. He said clients have been dismayed by the crypto's big price swings. He said at the Bitcoin Investor Day conference that his advice to clients is to "act like you're dead." "So act like you're dead with your bitcoin and don't sell your bitcoin. That occurrence, industry experts say, could create a supply shock and ultimately push the price of bitcoin higher.

Persons: Anthony Scaramucci, —, Anthony Pompliano, Scaramucci, Donald Trump, Charles Schwab, Bitcoin, Cathie Wood Organizations: Service, SkyBridge, Wall Street, White, Communications, Securities and Exchange, BlackRock, Fidelity, SEC

☆ Gold at $3,000 and oil at $100 by 2025? Citi analysts don't rule it out
▼ + stars: | 2024-02-20 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +4 min

That could double central bank's gold purchases, challenging jewelry consumption as the largest driver of gold demand, Doshi elaborated. China and Russian central banks are leading gold purchases, with India, Turkey, and Brazil, also increasing bullion buying. The world's central banks have sustained two successive years of more than 1,000 tons of net gold purchases, the World Gold Council reported in January. Another wildcard scenario highlighted in Citi's report was for oil prices to hit triple digits again. Stock Chart Icon Stock chart icon Oil prices in the past one year

Persons: Doshi, Stagflation Organizations: Citi, CNBC, Central, U.S ., Gold, U.S . Federal Reserves, Co, Bloomberg, Getty Locations: Citi's North America, China, Russian, India, Turkey, Brazil, U.S, Bangkok, Thailand, Israel, Yemen, Iraq, OPEC

☆ Gold demand hit record highs in 2023 amid geopolitical risks, China weakness
▼ + stars: | 2024-02-02 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +2 min

Gold purchases from central banks led to last year's surge, with purchases exceeding 1,000 tons for two consecutive years. Gold demand hit record highs in 2023 as persistent geopolitical tensions and weakness in China's economy pushed investors toward the safe haven asset, the World Gold Council said in report. Prices hit an all-time high of $2,100 an ounce in December as central banks as well as retail investors increased purchases of gold — central bank purchases have exceeded 1,000 tons for two consecutive years. "2023 was the second highest year in history of central bank gold buying, within a hair's breadth of the record high in 2022," Fan told CNBC in a Zoom interview. Gold has actually done very well in renminbi terms, and very well compared to other asset classes in China."

Persons: Shaokai Fan, Fan, China Evergrande, Gold Organizations: Gold, CNBC, People's Bank of Locations: Russia, Ukraine, Israel, People's Bank of China, China, Hong Kong

☆ CNBC Daily Open: Mega tech earnings grab attention
▼ + stars: | 2024-02-02 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. South Korea led gainsIn Asia, South Korea markets led gains on Friday that tracked Wall Street's rebound from the sell-off of the previous session. Amazon also gave an upbeat guidance for the first quarter as the company reported results that easily topped estimates. Gold demand soarsGeopolitical tensions and a sluggish China economy drove demand for gold to record highs in 2023, the World Gold Council reported. Total gold demand was 4,899 tons last year compared with 4,741 tons in 2022, including over-the-counter transactions and stock flows.

Persons: Jevons Global's Kingsley Jones Organizations: Facebook, New York Stock Exchange, CNBC, Dow, Nasdaq, Meta, Amazon, Apple, Gold Locations: New York City, South Korea, Asia, China

☆ UBS sees a 10% spike for gold this year as rate cut speculation swirls
▼ + stars: | 2024-01-22 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Gold prices have increased since the Ukraine War but have soared to record highs since the start of the Hamas-Israel war. Other factors are the weakening US dollar and expected rate cuts from the Federal Reserve. Gold prices could close the year as much as 10% above current levels on the back of potential interest rate cuts, UBS strategists said, despite declines at the start of 2024. Markets are increasingly uncertain that the Fed will begin interest rate cuts in March. Analysts tied the rise to interest rate expectations and the global volatility stemming from the Israel-Hamas conflict.

Persons: Gold Organizations: Federal Reserve, UBS, Federal, Scotiabank, Fed, U.S, Bank of Japan, European Central Bank, World Gold, Analysts Locations: Birmingham, England, Ukraine, Israel, London

☆ Gold prices have never been this high
▼ + stars: | 2023-12-04 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —Gold prices hit an all-time high Monday, buoyed by growing expectations of interest rate cuts among investors, a weaker dollar and geopolitical tensions. “This has created a more favorable environment for gold as a non-yielding asset.”John Reade, a market strategist at the World Gold Council, an association of gold producers, told CNN that, with investors predicting several rate cuts over the next year, gold prices could “quite possibly” shoot above Monday’s record high. Since gold is priced in US dollars, the fall in the greenback’s value has made it less expensive for investors outside the United States to buy the metal, which should have boosted demand and, in turn, lifted gold prices. Gold prices have risen 10% so far this year. According to the World Gold Council, central banks in emerging markets bought 473 metric tons (521 tons) of gold a year on average between 2010 and 2021.

Persons: ebbs, Daria Efanova, ” John Reade, Jamie Dimon, ” Reade, “, Reade, ” Organizations: London CNN —, US Federal Reserve, Treasury, Sucden, World Gold Council, CNN, Interactive Investor Locations: United States, Russia, Ukraine, Israel, Gaza, China, South China, Taiwan, Russian

A woman picks a gold earring at a jewellery shop in the old quarters of Delhi, India, May 24, 2023. While India's gold demand has been solid so far in 2023, matching strength in the domestic economy, it appears that some momentum may be coming out of the market. The high price of gold for consumers in China may further crimp demand in the fourth quarter, after the World Gold Council reported a decline in third. The recent price rally is likely to trim demand growth in India in the current quarter. But countering the positive drivers are signs that high prices are undermining demand growth in the key markets of China and India.

Persons: Anushree, they're, Hong Kong, Sonali Paul Organizations: REUTERS, Rights, U.S . Federal Reserve, Hong, Hong Kong Census, Statistics Department, Gold, Reuters, Thomson Locations: Delhi, India, Rights LAUNCESTON, Australia, China, Hong Kong, Hong, Central

☆ Mining Industry Seeks to Define One Global Standard for Ethical Practices
▼ + stars: | 2023-11-23 | by ( Yusuf Khan | ) www.wsj.com time to read: +6 min

Customers and investors are increasingly considering mining companies’ ESG performance. Photo: douglas magno/Agence France-Presse/Getty ImagesMining giant Anglo American is one of the companies that have been involved in developing the new mining standard. Anglo American itself commits to at least nine different mining standards and is part of 17 industry associations, which all have their own requirements. The LME has been consulted on the development of the new mining standard. For now, work continues on the new mining standard, with the four associations still discussing what it should look like and how it would be governed.

Persons: Cynthia Matonhodze, ”, “, Tracey Kerr, douglas magno, Rebecca Campbell, ” Campbell, Campbell, Paul Hackett, Georgina Hallett, Yusuf Khan Organizations: Bloomberg, International Council, Mining, Metals, Gold Council, Mining Association of Canada, Miners, Business, Global Investor Commission, ING, Jubilee Metals Group, Hochschild, ” Mining, Agence France, Getty, White, London Metal Exchange, REUTERS Locations: Umguza, Zimbabwe, Dutch, Brazil, London, Brumadinho, American, ”

☆ Gold mining ETFs fail to keep pace with benchmark bullion fund
▼ + stars: | 2023-11-07 | by ( Suzanne Mcgee | ) www.reuters.com time to read: +3 min

The SPDR Gold Shares ETF (GLD.P), which tracks the price of gold, has rallied 9.82% this year, driven by concerns about inflation and economic growth as well as geopolitical turbulence. Yet those gains have not been reflected in the share prices of gold miners: the iShares MSCI Global Gold Miners ETF (RING.O) and the VanEck Gold Miners ETF (GDX.AX), which track the shares of gold producers, are up only 2.28% and 1.7% respectively. "Gold prices can only help so much, if you can't produce the gold in the first place," said Islam. Even Barrick Gold, which reported a 3% gain in gold production in the third quarter, said overall output in 2023 won't meet expectations. "Investors seem very wary of stocks as a whole, and gold miners have been tracking that rather than what's happening in gold itself," said Casanova.

Persons: Shannon Stapleton, Imaru Casanova, Casanova, Roxanna Islam, George Milling, Stanley, Suzanne McGee, Ira Iosebashvili Organizations: United States West Point Mint, REUTERS, Gold Miners, World Gold, Gold, Newmont Corp, State Street Global Advisors, Barrick, Thomson Locations: West Point , New York, Mexico

REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsLONDON, Oct 31 (Reuters) - Global gold demand excluding over-the-counter (OTC) trading slipped 6% in the third quarter as central bank buying fell short of last year's record levels and consumption by jewellers declined, the World Gold Council (WGC) said on Tuesday. Gold demand shot to an 11-year high in 2022 due to the biggest central bank purchases on record. "With geopolitical tensions on the rise and an expectation for continued robust central bank buying, gold demand may surprise to the upside," said Louise Street, senior markets analyst at the WGC. Central bank demand totalled 337.1 tons, down from a record 458.8 tons a year before. QUARTERLY GOLD SUPPLY AND DEMAND (tonnes)** Source: World Gold Council, Gold Demand Trends Q3 2023Reporting by Polina Devitt; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Denis Balibouse, Louise Street, Polina Devitt, Jan Harvey Organizations: REUTERS, Gold Council, Gold, Thomson Locations: Mendrisio, Switzerland, Central, Europe

☆ Indian gold demand loses lustre in peak festive season as prices rally
▼ + stars: | 2023-10-31 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +2 min

India is the world's second-largest gold consumer, and a drop in purchases could limit a rally in global prices . Local gold prices jumped this week to 61,396 rupees per 10 grams, near the all-time high of 61,845 rupees hit earlier this year. In the December quarter, demand is expected to be lower than last year's 276.3 metric tons, Somasundaram said. From January to September, gold demand fell by 3.3% to 481.2 metric tons due to sluggish demand in the first half. In 2023, demand could fall to around 700 metric tons, the lowest in three years, down from 774.1 metric tons a year ago, he said.

Persons: Anushree, Somasundaram, Rajendra Jadhav, Miral Organizations: REUTERS, Rights, Gold Council, PR, Thomson Locations: Delhi, India, Rights MUMBAI

☆ Sen. Bob Menendez allegedly had a stash of gold bars. That’s become a trend
▼ + stars: | 2023-09-22 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

New York CNN —Sen. Bob Menendez, allegedly accepted gold bar bribes, prosecutors allege, according to a newly unsealed federal indictment. The value of a kilogram of gold hit a one-year-record high of nearly $66,000 in May, according to data Goldprice.org. If you can invest in gold, why do people want to physically own it? That’s because if, for instance, you invest in a gold ETF, “it’s still tied to the market,” he said. Other people who prefer to keep gold under their own roof store it in a gun safe or floor safe, he added.

Persons: New York CNN — Sen, Bob Menendez, It’s, Menendez didn’t, Jonathan Rose, ” Rose, Rose, Fitch, ”, it’s Organizations: New, New York CNN, Genesis Gold, Western Alliance, CNN, World Gold Council, IRS Locations: New York, “, Beverly Hills , California

☆ Investors have shifted to gold by the most since 2012, driven by central banks' buying spree, JPMorgan says
▼ + stars: | 2023-09-07 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

As central banks pile up gold reserves, investors are also accumulating the precious metal, JPMorgan reports. But its uncertain the central bank momentum will last, with buy ups normalizing last quarter. Since Russia's invasion of Ukraine in early 2022, foreign central banks have added to their gold reserves in an effort to be less dependent on the US dollar. However, this could have been due to turmoil in Turkey's local gold market, causing its central bank to increase sales. Central bank demand has driven the commodity's price beyond what would be suggested by real 10-year Treasury yields.

Organizations: JPMorgan, Service, World Gold, outflows Locations: Wall, Silicon, Ukraine, Russia, Central

☆ Robust equities erode gold's safe-haven allure as ETF holdings fall
▼ + stars: | 2023-08-21 | by ( Deep Kaushik Vakil | ) www.reuters.com time to read: +2 min

(Reuters) -Receding fears of a U.S. slowdown, surging bond yields and the robust performance of equities have gradually eroded the appeal of exchange-traded funds (ETF) backed by traditional safe-haven gold this year, despite sticky inflation. The biggest ETF, SPDR Gold Trust, saw holdings dwindle to pre-pandemic levels. [GOL/ETF]Investors typically buy gold during times of financial and economic uncertainty and rising inflation. [GOL/]“Gold has fallen into disfavour as a hedge against economic uncertainty for many institutional investors,” said Ross Norman, chief executive of Metals Daily. Equities have outperformed gold despite higher interest rates, while rival safe-haven Treasury bonds have attracted investors away from gold, which doesn’t earn any interest or dividends.

Persons: Ilya Naymushin, ”, Ross Norman, Carsten Menke, Julius Baer, Gold, Philip Newman, Newman, hasn’t Organizations: Reuters, REUTERS, World Gold Council, Investors, U.S, Metals Daily, U.S . Federal, Treasury, Metals Locations: U.S, Siberian, Krasnoyarsk, Russia, disfavour, “

☆ Here's how to invest $100,000 right now, according to billionaire Mike Novogratz
▼ + stars: | 2023-08-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Billionaire Mike Novogratz would put $100,000 in Alibaba stock, silver, gold, ether, and bitcoin. That advice is for young and risk-tolerant investors, he told David Rubenstein on Bloomberg TV. But for more risk-averse investors, Novogratz said they should mainly focus on bonds. I'd be buying silver, gold, bitcoin and ethereum. His preferred assets have made gains year to date, with Alibaba up 12%, gold 7.7%, silver 3.5%, ether 52.5%, and bitcoin 74.4%.

Persons: Mike Novogratz, David Rubenstein, Novogratz, That'd, bitcoin, Larry Fink's, Fundstrat Organizations: Bloomberg, Service, Privacy, Galaxy Digital Locations: Wall, Silicon, Beijing, BlackRock

☆ Why substituting cryptocurrency for gold exposure may be a costly mistake
▼ + stars: | 2023-07-29 | by ( Lina Hassen | ) www.cnbc.com time to read: +2 min

State Street Global Advisors' George Milling-Stanley, whose firm runs the world's largest gold exchange-traded fund, believes cryptocurrency is no substitute for the real thing due its vulnerability to big losses. Milling-Stanley's firm is behind SPDR Gold Shares , the world's largest physically backed gold ETF. Milling-Stanley believes gold's 6,000-year history as a monetary asset serves as a significant sample basis to understand the benefits of investing in gold. But Milling-Stanley believes the economic backdrop bodes well for gold — recession or not. It's known as the world's largest consumer of gold jewelry behind India, according to the World Gold Council.

Persons: George Milling, Stanley, cryptocurrency, CNBC's, gold's, It's, Gold Organizations: Street Global Advisors, World Gold, it's Locations: China, India, It's Vietnam, it's Indonesia, it's Thailand, Korea

☆ Countries are so spooked by de-dollarization and the Western sanctions against Russia, they are increasingly moving gold assets back home for safekeeping
▼ + stars: | 2023-07-10 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

41% of surveyed central banks and sovereign funds expect to increase gold holdings in the next three years. 2 out of 5 cited concerns about their central bank assets being frozen — such as in the case of Russia. Central banks snapped up a record 1,136 metric tons of gold in 2022. But central banks appear to be less willing to keep their physical gold assets in storage overseas, with just under 70% of respondents now keeping the reserves at home. The US dollar has been the world's reserve currency since the Second World War, playing a crucial role in the world's trade and financial system.

Persons: Invesco, we've Organizations: Service, Russia, Gold, West Locations: Russia, Central, Wall, Silicon, Ukraine, London

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