A bill introduced in the Wyoming House would establish a precious metals bullion depository in the state. It would not only create a safe place to store precious metals; it could also facilitate the everyday use of gold and silver in financial transactions in Wyoming and set the stage to undermine the Federal Reserve’s monopoly on money.
Central banks continued their remarkable gold-buying spree in November and remain on pace to eclipse 2018’s near-record purchases.
According to the latest numbers from the World Gold Council, central banks added 27.9 tons on a net-basis to official gold reserves in November. That brings the yearly total for 2018 with one month left to calculate to 570.2 tons, 11% higher than the same period in the previous year.
Gold has rallied through the last weeks of 2019 and has pushed back above the $1,500 per ounce mark. The yellow metal is on pace to finish the year up close to 18%. And there is a lot of optimism that gold will continue to shine in 2020.
As we look ahead to the new year, here are five reasons gold may well skyrocket in 2020.
Gold is finishing up 2019 with a bang, pushing back above the psychologically significant $1,500 per ounce this week. Although there are a few trading days left, gold appears set to end the year with a better than 17% gain. In the last Friday Gold Wrap podcast of 2019, host Mike Maharrey takes us through a quick overview of what he considers to be the five biggest stories of the year driving precious metals.
The central bank gold-buying spree is expected to continue into next year as countries continue to create a hedge against geopolitical risk and diversify their reserves away from the US dollar.
Through October of this year, central bank gold purchases have totaled 562 tons, based on data compiled by the International Monetary Fund and reported by the World Gold Council. That puts the sector on pace to roughly match last year’s total of just over 650 tons.
Seeking financial and economic safety and stability, Serbia has joined the global central bank gold-buying spree.
National Bank of Serbia Governor Jorgovanka Tabakovic recently announced that the bank purchased nine tons of gold in October, raising the country’s reserves to just over 30 tons.
Gold demand was up 3% in the third quarter, coming in at 1,107. 9 tons, according to the Gold Demand Trends Q3 2019 report put out by the World Gold Council.
Gold mine output dropped slightly, but a surge in recycling drove a modest gain in supply.
The central bank gold-buying spree shows no sign of letting up as countries seek to diversify their reserves away from the US dollar.
There were no significant gold sales by central banks in September.
China added another 5.91 tons of gold to its reserves in August, bringing its total official gold purchases on the year to almost 100 tons, according to data released by the People’s Bank of China over the weekend.
It was the ninth straight month of gold purchases for China as it continues efforts to diversify reserves away from the US dollar.
Globally, central banks added a net 126.5 tons of gold to their reserves last month, led by the announcement of a 94.9 increase in Polish gold reserves. That brings total reported central bank gold purchases on the year to approximately 378 net tons.