Central bank gold buying momentum showed no signs of stalling in February. Reported global gold reserves rose by 52t during the month – the eleventh consecutive month of net purchases – following January’s 74t. 1 This excludes updated data for Russia (more on that below ), but still maintains the upward trend (based on the 12-month moving average) since June 2022
Turkey bought 23 tonnes of gold in January, making it the biggest buyer of the precious metal among central banks globally over the period.
Holdings at People’s Bank rise to more than 2,000 tons
Precious metal hit its highest in more than a year this week
Gold will hit as high as $2,400 per ounce over the next five years, as countries like Russia seek to divest of U.S. dollars, after the dollar was weaponized following Russia’s conflict in Ukraine. That’s according to Pierre Lassonde, Chairman Emeritus of Franco-Nevada and CEO of Fireside Investments, who suggested that a dual system of currency could emerge by 2028.
Gold will hit as high as $2,400 per ounce over the next five years, as countries like Russia seek to divest of U.S. dollars, after the dollar was weaponized following Russia’s conflict in Ukraine. That’s according to Pierre Lassonde, Chairman Emeritus of Franco-Nevada and CEO of Fireside Investments, who suggested that a dual system of currency could emerge by 2028.
The chances of that happening are probably slim to none right now,” he said. “But what we really want to do is get things set up for the treasurer to be prepared. If, for whatever reason, we have a calamity in the financial markets, we have alternatives to trade with
The United States welcomes the February 17 Communiqué of the 1140th meeting of the African Union Peace and Security Council (PSC) on the situation in eastern Democratic Republic of the Congo (DRC). We join the PSC in expressing concern over the deteriorating humanitarian situation, condemning the human rights abuses committed by armed groups, particularly the M23, ISIS-DRC, CODECO, and FDLR, and demanding that all armed groups cease hostilities and unconditionally withdraw from the eastern DRC. We appreciate the leadership of South African President Cyril Ramaphosa at the PSC.
Rejected offer triggers expectations of a new wave of industry consolidation
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. The “Save our Swiss gold” proposal, spearheaded by the right-wing Swiss People’s Party (SVP), aims to ban the central bank from offloading its reserves and oblige it to hold at least 20 percent of its assets in gold. The referendum is scheduled for November 30. The SVP argues it would secure a stable Swiss franc. REUTERS/Arnd Wiegmann
ABU DHABI, 24th January, 2023 (WAM) — President His Highness Sheikh Mohamed bin Zayed Al Nahyan received, at Qasr Al Bahr Majlis, Felix Tshisekedi, President of the Democratic Republic of the Congo, who is on a working visit to the UAE.
During the meeting, the two sides reviewed various aspects of joint cooperation and opportunities to enhance them to serve the mutual benefit of the two friendly countries.
