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Why Precious Metal Investors Are Watching China and the Fed (Continued from Prior Part) Precious metal prices
Since 2012, gold prices have retraced 30% and are currently trading near $1,124 an ounce. Initially, central banks were buying gold as a hedge against economic uncertainty. Gold has been quite a performer in August compared to in July. Other precious metals like silver also saw a green month. Silver gained 0.78% in the past month and is trailing at $14.7 an ounce.
ETFs like the SPDR Gold Shares (GLD) have seen more volume than the futures trading. The current GLD price is $107.8 as of September 3. It saw the prices hit a high of $112 in August. Another famous gold-backed ETF is the iShares Gold Trust (IAU), which rose 3.425% in the past month.
Central banks on gold reserves
Central banks continue to hoard gold as the world grapples with some issues that could derail the global economy. According to the World Gold Council, central banks remained net buyers, as their purchase surged by 11% to settle at ~137 tons of gold.
Russia has recently announced that it increased reserves at a slower pace in July. It now holds 1,288.2 tons compared with 1,275 tons a month earlier, according to the IMF data. The country has more than tripled its inventory since 2005.
Colombia, however, sold 64% of its gold reserves. Kazakhstan purchased about 2.49 tons to take its stash to about 208.14 tons. Malaysia added 0.62 tons to bring its total to 37.9 tons.
India currently holds 557.7 tons of gold, representing 6.8% of its reserves. India’s central bank increased its gold holdings by 56% in 2009 from 357.75 tons in Q1 to 557.7 tons in Q4.
Most of the mining companies fell on September 3. The Market Vectors Gold Miners ETF (GDX) plunged 1.83%. Among the losers were New Gold (NGD), Barrick Gold (ABX), and Royal Gold (RGLD). These three stocks make up ~13.3% of GDX.
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Royal Gold Inc.
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PRODUCER |
CODE : RGLD |
ISIN : US7802871084 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Royal Gold is based in United states of america. Royal Gold produces gold, copper, lead, silver and zinc in Argentina, in Bolivia, in Burkina Faso, in Canada, in Chile, in Guinea, in Mexico, in Nicaragua and in USA, develops copper, gold, lead, silver and zinc in Australia, in Burkina Faso, in Canada and in Chile, and holds various exploration projects in Argentina, in Bulgaria, in Canada and in Finland. Its main assets in production are BALD MOUNTAIN in USA, LIMON, LEEVILLE MINING COMPLEX and GOLDSTRIKE OPEN PIT in Nicaragua, DON MARIO (CERRO PELADO) and ROBINSON (NEVADA) in Bolivia, EL CHANATE, PEÑASQUITO, WHARF, MARIGOLD, DOLORES MINE, MULATOS MINE -ESTRELLA and GOLDSTRIKE UNDERGROUND in Mexico, SIGUIRI in Guinea, TAPARKO in Burkina Faso, MARTHA MINE in Argentina, ANDACOLLO HYPOGENE, TOQUI and ANDACOLLO in Chile and WILLIAMS, TWIN CREEKS, PIPELINE MINING COMPLEX and TROY in Canada, its main assets in development are GOLD HILL and PASCUA LAMA in Chile, HOLT MINE & MILL and PINE COVE (MINGS BIGHT) in Canada, BALCOOMA in Australia and BOUROUM in Burkina Faso and its main exploration properties are CANADIAN MALARTIC (QUEBEC), GOLDSTRIPE WILLA, MANHATTAN (WHITE CAPS) and CAMP BIRD MINE in Canada. Royal Gold is listed in Canada, in Germany and in United States of America. Its market capitalisation is US$ 8.2 billions as of today (€ 7.6 billions). Its stock quote reached its lowest recent point on February 28, 1992 at US$ 0.03, and its highest recent level on April 26, 2024 at US$ 124.58. Royal Gold has 65 455 293 shares outstanding. |