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China promotes gold purchases


China lifts import restrictions on gold, lowering local gold premiums.

China\-s central bank, the People\-s Bank of China (PBoC), has lifted restrictions on gold imports intended to support the renminbi. Gold prices had risen sharply as a result of the restrictions. That\-s because the renminbi had fallen to its lowest level in 16 years against the U.S. dollar. But now the Chinese currency has recovered against the U.S. dollar. China\-s central bank has been very eager to increase its gold reserves so far in 2023. Generally, interest in further gold purchases is expected to remain high. Whether the figures reported by China are correct is doubted. Presumably, the gold holdings of both the central bank and its citizens are significantly higher. China also probably wants to distance itself from the dominance of the U.S. dollar.

The PBoC holds the seventh-largest gold reserves in the world. According to official figures, around 3.8 percent of total reserves are in gold. It is believed that this share should rise to at least five percent. So, China would have to buy a lot more gold, about 640 tons of gold. In terms of the largest gold reserves, the U.S. is still in the top position (about 68 percent of total reserves), followed by Germany, Italy, France, Russia and China.

Gold is valued and used worldwide as a crisis-proof investment opportunity. Gold offsets fluctuations in the U.S. dollar, and both physical gold and gold company stocks belong in a well-positioned portfolio. Among gold companies, Victoria Gold and Karora Resources appeal.

Victoria Gold – https://www.commodity-tv.com/ondemand/companies/profil/victoria-gold-corp/ – has been producing gold at its Yukon-based Dublin Gulch gold property since 2019.  The 100 percent owned property covers approximately 555 square kilometers. The company has just acquired additional properties in the Yukon.

Among the successful producers, Karora Resources – https://www.commodity-tv.com/ondemand/companies/profil/karora-resources-inc/ – is appealing. The company owns two gold mines in Western Australia. The second quarter of 2023 produced a record output of almost 41,000 ounces of gold.

Current corporate information and press releases from Victoria Gold (- https://www.resource-capital.ch/en/companies/victoria-gold-corp/ -) and Karora Resources (- https://www.resource-capital.ch/en/companies/karora-resources-inc/ -).

In accordance with §34 WpHG I would like to point out that partners, authors and employees may hold shares in the respective companies addressed and thus a possible conflict of interest exists. No guarantee for the translation into English. Only the German version of this news is valid.

Disclaimer: The information provided does not represent any form of recommendation or advice. Express reference is made to the risks in securities trading. No liability can be accepted for any damage arising from the use of this blog. I would like to point out that shares and especially warrant investments are always associated with risk. The total loss of the invested capital cannot be excluded. All information and sources are carefully researched. However, no guarantee is given for the correctness of all contents. Despite the greatest care, I expressly reserve the right to make errors, especially with regard to figures and prices. The information contained herein is taken from sources believed to be reliable, but in no way claims to be accurate or complete. Due to court decisions, the contents of linked external sites are also co-responsible (e.g. Landgericht Hamburg, in the decision of 12.05.1998 – 312 O 85/98), as long as there is no explicit dissociation from them. Despite careful control of the content, I do not assume liability for the content of linked external pages. The respective operators are exclusively responsible for their content. The disclaimer of Swiss Resource Capital AG also applies: https://www.resource-capital.ch/en/disclaimer/

Posted by on 25. September 2023. Filed under Internet, Picture Gallery. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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