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☆ China continues to de-dollarize reserves as gold stockpile climbs for 8th straight month
▼ + stars: | 2023-07-07 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

China's central bank added 23 tons of gold to its reserves in June, marking an eighth consecutive increase. Now, the People's Bank of China holds 2,330 tons of gold in its reserves, according to official data cited by Bloomberg. The gold stockpiling comes amid the country's bid to erode the dollar's global dominance as well as growing economic and geopolitical uneasiness. According to a World Gold Council report from May, 62% of central banks estimate that gold will make up a greater share of reserves in the next five years. At June's end, the central bank held $3.193 trillion.

Persons: — Organizations: Service, People's Bank of China, Bloomberg, Gold, Official Monetary, Financial, Forum, International Monetary Fund Locations: Russia, Ukraine, Moscow

☆ Wheaton CEO touts precious metals' staying power, calling gold 'a measure of value that lasts'
▼ + stars: | 2023-06-08 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

Randy Smallwood, the CEO of precious metals streaming company Wheaton, told CNBC's Jim Cramer on Thursday that gold and silver have perpetual power on the market due to their very nature as one of the world's oldest currencies. "I mean that's what gold has been forever, a store of value, a measure of value that lasts," Smallwood said. But Smallwood said the company expects to see 50% growth by 2027, or close to a million gold equivalent ounces. As a streaming company, Wheaton funds mining operations in order to then buy metals at a discount. Although Smallwood is the chair of the World Gold Council, his favorite metal is silver, which is harder to find than its flashy counterpart because there are fewer silver mines in the world, he said.

Persons: Randy Smallwood, CNBC's Jim Cramer, Smallwood, Wheaton, there's Organizations: Wheaton, World Gold Council Locations: Wheaton

☆ China stretched its gold-buying spree into the 7th straight month in May, signaling more central bank de-dollarization
▼ + stars: | 2023-06-07 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

It's not alone in boosting its gold holdings, as central banks shed dollar reserves. The country's central bank purchased 16 tons of the reserve commodity last month, continuing a trend started in November. According to a WGC survey from May, half of central banks expect the dollar's share of reserves to continue sliding, accounting for 40-50% in the next five years. The same survey found that a quarter of central banks intend to add to their gold holdings over the next year. China ended May with $3.18 trillion in foreign currency reserves, compared with April's $3.20 trillion, data from the People's Bank of China showed.

Persons: It's, — Organizations: Service, Bloomberg, Gold, China, People's Bank of China Locations: China, Russia, Ukraine, Singapore

☆ China's economy isn't rebounding as fast as anyone expected
▼ + stars: | 2023-05-31 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

While I personally won't be flying internationally anytime soon, we're diving into China's lethargic economy for today's newsletter. The much-anticipated economic rebound hasn't quite materialized for China in the way many had expected. The sluggish recovery has embedded itself in nearly every corner of the world's second-largest economy, even in some of the most obscure commodities markets. The CSI 300 index has slipped over recent weeks, and luxury brands reliant on China's large consumer base have tumbled. What's your outlook on China's economy for the rest of 2023?

Persons: I'm Phil Rosen, Jamie Dimon, Tesla, China Tuul, Bruno Morandi, Rockefeller International's Ruchir Sharma, Nicholas Lardy, Lardy, Filip De Mott, Tweet, Sheldon Cooper, Nordstrom, Goldman Sachs, there's, that's, Phil Rosen, Jason Ma, Nathan Rennolds Organizations: JPMorgan, Peterson Institute for International Economics, Getty, World Gold, Fed, Nvidia, Microsoft, Saudi Aramco Locations: Elon, China, Washington, Shanghai, Shenzhen, . Utah , Colorado, Scottsdale, Saudi, New York, Los Angeles, London

☆ Here are 3 reasons to buy gold, according to UBS
▼ + stars: | 2023-05-18 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

Gold stumbled this month after a strong start to the year. However, UBS Global Wealth Management sees more upside ahead. The precious metal is down about 2% in May, as optimism around a possible U.S. debt ceiling deal grows. "Based on the 1Q23 data from the World Gold Council, central banks are on track to buy around 700 metric tons of gold this year, much higher than the average since 2010 of below 500 metric tons," he wrote. Dollar weakness: The dollar index, which tracks the U.S. currency's performance against six others, is down 0.2% over the past year, which should be supportive for gold prices.

☆ Central bank gold demand hits first-quarter record, investments surge on U.S. banking turmoil
▼ + stars: | 2023-05-05 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

The process of crafting gold is seen at the Krastsvetmet company, one of the world's largest producers of precious metals in Moscow, Russia on January 31, 2023. Demand for gold among central banks notched a first-quarter record high in the three months to the end of March as overall global demand painted an otherwise "mixed picture," according to the World Gold Council. Total gold demand, however, was up 1% from the first quarter of 2022 thanks to a recovery in the OTC market. Louise Street, senior market analyst at the World Gold Council, told CNBC on Thursday that this was a continuation of trends that saw central bank gold buying soar to an 11-year high in 2022. The WGC expects demand among central banks to moderate this year after 2022's spike, though noted that where previous buying had been concentrated in developing markets, more developed financial centers were now increasing their demand.

☆ Gold and mining ETFs are surging as the precious metal flirts with a record high
▼ + stars: | 2023-04-07 | by ( Jesse Pound | ) www.cnbc.com time to read: +2 min

Over the past month, the SPDR Gold Shares ETF (GLD) has pulled in more than $1 billion of new money, according to FactSet. The iShares Gold Trust (IAU) , SPDR Gold MiniShares Trust (GLDM) , Abrdn Physical Gold Shares ETF (SGOL) and Goldman Sachs Physical Gold ETF (AAAU) have pulled in more than $400 million combined. Funds comprised of gold mining stocks have also been popular, with the VanEck Gold Miners ETF (GDX) pulling in about $200 million. GDX YTD mountain Gold mining ETFs are rallying in 2023. The gold mining funds from Sprott ( SGDM ) and iShares ( RING ) have seen similarly strong performance.

☆ The dollar's dominance on the world stage isn't going away. Here's why.
▼ + stars: | 2023-04-06 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

The move makes sense, given Russia's growing status as a pariah state, but it also highlights a push to unseat the dollar as a dominant force in global trade. But to strategists at the Carson Group, a scenario where the dollar isn't the world's primary reserve currency simply isn't in the cards in the near future. Are you convinced that the dollar won't lose its status as a dominant global reserve currency? Some companies in this batch of oil stocks have upsides of up to 180%, according to strategists at Bank of America. An expert from the World Gold Council pointed out that history says gold performs well in a recession.

Nonetheless, the likely ramifications of the bank collapse are positive for gold, which was already being supported by other bullish factors. Charting global gold demand by segment. CHINA, INDIA DEMANDChief among those is the expectation that physical demand will rebound in China, traditionally the world's largest consumer of the precious metal. China's gold jewellery demand slumped 14%, or 101 tonnes, to 598.3 tonnes in 2022, according to data from industry group the World Gold Council. Central bank buying is the wildcard for gold, having risen a strong 152% in 2022 to 1,135.7 tonnes.

☆ Indian jeweller Joyalukkas withdraws $278 mln IPO
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 21 (Reuters) - Indian jeweller Joyalukkas has withdrawn its 23 billion rupee ($277.95 million) initial public offering (IPO), a document on the market regulator's website showed on Tuesday. Joyalukkas did not immediately respond to Reuters' request for comment. The jeweller, based in the southern Indian state of Kerala, operates showrooms across roughly 68 cities and is one of the biggest jewellery retailers in the country. The IPO's book runners Edelweiss Financial Services Ltd, Motilal Oswal Investment Advisors Ltd, Haitong Securities India, and SBI Capital Markets Ltd also did not immediately respond to a request for comment. ($1 = 82.7620 Indian rupees)Reporting by Varun Vyas in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ Putin's war on Ukraine sent Russians scrambling to buy gold and stash their savings, fueling a fivefold surge in demand
▼ + stars: | 2023-02-14 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +3 min

Demand for gold bars and coins in Russia jumped nearly fivefold last year from 2021. Russia has spurred the switch into gold by restricting sales of foreign currency and scrapping VAT on the yellow metal. The bullion rush was spurred by President Vladimir Putin's move to remove the 20% VAT on gold bars, as well as a central bank decision to restrict foreign-currency transactions. Russian demand for gold bars and coins rose nearly fivefold in 2022 from the previous year, data from the World Gold Council show. But Russia isn't the biggest gold buyer as its demand made up only 2% of the global total last year, World Gold Council data show.

☆ Gold demand surged to an 11-year high in 2022 on 'colossal' central bank buying
▼ + stars: | 2023-02-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

Alexander Manzyuk | ReutersGold demand soared to an 11-year high in 2022 on the back of "colossal central bank purchases, aided by vigorous retail investor buying," according to the World Gold Council. Annual gold demand jumped 18% to 4,741 tons (excluding over-the-counter or OTC trading) across the year, the largest annual figure since 2011, fueled by record fourth-quarter demand of 1,337 tons. "Central bank net purchases in Q4 totalled 417t, lifting H2 total buying to 862t. The majority of the central bank buying in 2022 came from emerging markets, with the Central Bank of Turkey the largest buyer at a record 542 tons. This means that the purchasing power of non-U.S. buyers is reduced and harms global gold demand.

☆ Central banks bought the most gold since 1967 last year, WGC says
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Central banks bought 1,136 tonnes of gold in 2022Emerging economies were main buyersPurchases predicted to fall next yearTotal global gold demand highest since 2011LONDON, Jan 31 (Reuters) - Central banks added a whopping 1,136 tonnes of gold worth some $70 billion to their stockpiles in 2022, by far the most of any year since 1967, the World Gold Council (WGC) said on Tuesday. Gold also enables central banks to diversify away from assets like U.S. Treasuries and the dollar. Charting the change in global central bank gold holdings since 1950. But around two-thirds of the gold bought by central banks last year was not reported publicly, the WGC said. The central bank purchases took total gold global gold demand last year to 4,741 tonnes, up 18% from 2021 and the highest for any year since 2011.

☆ Gold prices seen rising towards record highs as rate rises near end
▼ + stars: | 2023-01-16 | by ( Peter Hobson | ) www.reuters.com time to read: +3 min

Fast-rising interest rates hammered gold prices last year, kicking them as low as $1,613.60 in September from a high of $2,069.89 in March - just shy of a record peak in 2020. ,Charting gold prices, the U.S. dollar index and U.S. inflation-adjusted 10-year bond yields. The weakening U.S. currency and bond yields "will become macro tailwinds for the yellow metal, pushing gold above $2,000/oz in the coming months," said analysts at Bank of America. Speculators who in November were betting gold prices would fall have amassed a net long position in COMEX futures of 8.3 million ounces of gold, worth $16 billion, helping push up prices. Charting gold prices and technical indicatorsReporting by Peter Hobson; Editing by Pratima Desai and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Gold prices are surging as investors bet on slower Fed rate hikes
▼ + stars: | 2023-01-11 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Gold is shining once again, as investors bet that cooling inflation in the United States will slow the pace of Fed rate hikes and make the precious metal more attractive. Gold prices slumped in April last year as the US Federal Reserve started to hike interest rates in a bid to tame runaway inflation. But the market is increasingly expecting the Fed to temper US rate hikes as consumer prices increases slow, boosting demand for gold. During the coronavirus pandemic in August 2020, gold prices hit an all-time high of £2,072. That could make gold more appealing now that yields and the dollar are less of a negative factor,” he told CNN.

☆ Gold prices steady as focus shifts to Powell's speech
▼ + stars: | 2023-01-10 | by ( Ashitha Shivaprasad | ) www.reuters.com time to read: +2 min

SummarySummary Companies U.S. CPI report due on ThursdayHawkish tone from Fed could prompt profit-taking - analystJan 10 (Reuters) - Gold prices were steady on Tuesday, with cautious traders largely focusing on Federal Reserve Chair Jerome Powell's speech for insights into the U.S. central bank's rate-hike trajectory. Spot gold held its ground at $1,872.79 per ounce, as of 0333 GMT. Investors' focus is on Powell's speech at a central bank conference later in the day. "Gold prices are hitting a key resistance at the $1,875 level ... A hawkish tone in Fed Chair Powell's speech later today could prompt some near-term profit-taking in gold," said IG Market strategist Yeap Jun Rong. "However, market is on the watch for a downside surprise in the U.S. CPI to support the less-hawkish rate-hike expectations, which could translate to upside for gold prices."

☆ Gold at $4,000? Analysts share their 2023 outlook as inflation, recession fears linger
▼ + stars: | 2022-12-22 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

Gold prices could surge to $4,000 per ounce in 2023 as interest rate hikes and recession fears keep markets volatile, said Juerg Kiener, managing director and chief investment officer of Swiss Asia Capital. There is a good chance the gold market sees a major move, he said, adding "it's not going to be just 10% or 20%," but a move that will "really make new highs." According to the World Gold Council, central banks bought 400 tonnes of gold in the third quarter, almost doubling the previous record of 241 tonnes during the same period in 2018. Kiener also said investors would look to gold with inflation remaining high in many parts of the world. "Gold is a very good inflation hedge, a great catch during stagflation and a great add onto a portfolio."

☆ Factbox: Russian gold taken out of exchange-traded fund stockpiles
▼ + stars: | 2022-12-21 | by ( Peter Hobson | ) www.reuters.com time to read: +4 min

In an analysis about investors shunning Russian gold, Reuters examined lists of gold bars owned by eleven large funds. By late November, the proportion of Russian gold in the stockpiles of eight had fallen. SPDR Gold MiniShares, whose gold is stored by ICBC Standard, saw an almost 50% fall in the amount of Russian gold it holds. Russian gold bars refined before March 7 this year are still eligible to own and trade, it said. GRANITESHARESGraniteShares said it did not distinguish between different brands of good delivery gold including pre-war Russian gold, and that it had not asked its custodian, ICBC Standard, to reduce its holdings of Russian bullion.

☆ Analysis: Russian gold removed from some Western funds after Ukraine
▼ + stars: | 2022-12-21 | by ( Peter Hobson | ) www.reuters.com time to read: +6 min

But the data, compiled by Reuters, shows Russian gold being removed at a significantly faster pace than that from other countries. One said he had asked the bank paid to store his fund's gold to allocate as little Russian metal as possible to it. Russian gold removed from such funds was often reassigned to other owners in the same location, the bankers said. JP Morgan, which stored around 1,050 tonnes of gold for the funds, trimmed Russian gold by 13% and non-Russian gold by 9%. However, the two largest funds, BlackRock's (BLK.N) iShares Gold Trust and the World Gold Council's SPDR Gold Shares, actually increased their proportion of Russian gold.

☆ China's reported gold reserves rise for first time since 2019
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

Dec 7 (Reuters) - China's central bank said on Wednesday it had added 32 tonnes of gold worth around $1.8 billion to its reserves, the first time it has disclosed an increase since September 2019. The additions bring China's reported holdings at the end of November to 1,980 tonnes, worth around $112 billion. China has the world's sixth-largest official national gold reserves after countries including Russia, Germany and the United States, which is the biggest with 8,133.5 tonnes. China's reported holdings have risen to 1,980 tonnes worth around $112 billion. The reported increase in China's gold reserves was part of data released by the People's Bank of China showing its foreign exchange reserves rose more than expected in November.

☆ HSBC will have to share custody with JPMorgan of $52 bln in gold bars
▼ + stars: | 2022-12-01 | by ( Peter Hobson | ) www.reuters.com time to read: +2 min

[1/2] Gold bars are displayed during a photo opportunity at the Ginza Tanaka store in Tokyo September 7, 2009. HSBC had been the sole custodian for SPDR Gold Trust, also known as GLD, since it launched in 2004. The bank currently stores about 910 tonnes of gold for GLD in London -- around a quarter of all the gold held for ETFs globally. Cavatoni said the WGC's agreement with JPMorgan allowed it to store gold in the United States and Switzerland but for the time the fund intended continue storing all its gold in London. HSBC said: "We're pleased to continue acting as a custodian for the World Gold Council's SPDR Gold Trust."

☆ Crypto crash and gold sell-off show there’s no place for investors to hide
▼ + stars: | 2022-11-10 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +5 min

Bitcoin prices are currently hovering around $16,500, down from a level of $20,000 just a week ago. Gold, like bitcoin, then surged in the latter part of 2020 as a sort of safe haven trade. Why buy gold or digital assets when the greenback is proving to be the king of currencies? Bitcoin prices have been notoriously volatile over the past few years, but they have still done better than many major stock market indexes. One venture capitalist who focuses on bitcoin and crypto assets agreed that FTX’s problems won’t derail the entire digital assets universe.

☆ Gold retreats from three-week high as firmer dollar dulls appeal
▼ + stars: | 2022-11-07 | by ( Ashitha Shivaprasad | ) www.reuters.com time to read: +2 min

Spot gold was down 0.6% at $1,670.29 per ounce, as of 0230 GMT. It's not unusual to see prices retrace against a large move from the prior session, gold is pulling back as the dollar gently rises, said City Index analyst Matt Simpson. Investors will now focus on the U.S. inflation data due later this week. "U.S. inflation data has the ability to make or break gold. Whilst markets currently favour a 50 basis-point rate hike, a hot inflation print would likely see odds for a 75 bps increase and send the dollar higher and gold lower," Simpson added.

☆ Record central bank buying lifts global gold demand, WGC says
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 1 (Reuters) - Central banks bought a record 399 tonnes of gold worth around $20 billion in the third quarter of 2022, helping to lift global demand for the metal, the World Gold Council (WGC) said on Tuesday. In total, the world's gold demand amounted to 1,181 tonnes in July-September, up 28% from 922 in the same period in 2021, the WGC said. Among large buyers were the central banks of Turkey, Uzbekistan, Qatar and India. "Looking ahead, we anticipate central bank buying and retail investment to remain strong," said WGC analyst Louise Street. GOLD DEMAND (tonnes)** Source: World Gold Council, Gold Demand Trends Q3 2022Reporting by Peter Hobson Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Gold will keep losing its irrational luster
▼ + stars: | 2022-09-27 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

NEW YORK, Sept 27 (Reuters Breakingviews) - Imagine telling gold bugs a decade ago that a pandemic, war in Europe and 8% U.S. inflation were coming. Believers say gold has been a store of value for millennia and offers a hedge against inflation and societal problems. While gold bulls worry about central banks debasing currencies by printing more, miners also keep extracting gold. About 205,000 tonnes worth some $11 trillion is held above ground and annual production has increased 26% since 2010, according to the World Gold Council. It was $1,763 a decade ago, according to the World Gold Council.

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