Monday-Friday 9-8PM EST

610-326-2000

×
Shopping Cart
×
Shopping Cart
08 Dec 2023

Central Banks Increasing Gold Reserves

Meagan Schneider

Gold rally likely to continue

Gold prices continued to set records this week, peaking late Sunday/early Monday at nearly $2,150 before settling back down to slightly above $2,000 on Friday.

This comes as no surprise as Central Banks across the globe continue to increase their gold reserves. As recently as May the World Gold Council survey revealed that “24% of central banks intend to increase their holding reserves in the next 12 months.”

In addition to Central Banks, foreigners are increasing their gold allocations. Specifically, Chinese demand for gold is rising as young Chinese investors spurn traditional investments, such as stocks and real estate, and flock to gold.

This is significant as China is the top buyer of physical gold.Together China and India account for more than half of total global demand.

“This year it [China] has been an increasingly important driver behind a rally in global spot gold prices, which hit all-time highs on Monday,” as stated in a Reuters’ article.

“Analysts expect Chinese demand for the safe haven metal to remain high as economic growth grinds lower in coming years and foreign investment outflows weigh on the yuan, while the property market is still looking for a bottom.”

With a promising Chinese gold market, demand from Central Banks, and increasing U.S. debt, gold’s record breaking may just be beginning.

We believe it is your duty as a good steward of your wealth and family to allocate a portion of your wealth in physical gold; as history suggests, gold is worthwhile protection in times of rampant political indebtedness, like we have today.

Call our wealth specialists at 610.326.2000, request an appointment online, or purchase online today!

If this email was forwarded to you, you can subscribe to our free gold market updates here (a contact request form is at the top of the page and the subscription link is at the bottom of the page).
Home
Gold
Silver
Wishlist
Account

All order up to $20,000 may be placed thru our website. For personalized assistance or to Place orders over $20,000 please contact our customer service team at 610.326.2000