Silver often gets lost in gold’s shadow, but it’s important in its own right – both as an industrial and a monetary metal. In this episode of It’s Your Dime, Mike Maharrey talks all things silver with Silver Institute Executive Director Michael DiRienzo.
Analysts expect continued strong investment demand for gold in China this year.
According to Xinhua News, gold as an investment will likely “glitter” in 2019 and gold jewelry sales are expected to get a boost in the Chinese lunar Year of the Pig. It also appears the People’s Bank of China is on a buying spree.
China ranks as the world’s top gold consumer.
Gold is on a nice little bull run. The yellow metal is up almost 3% since the first of the year and nearly 13% since touching one-and-a-half year lows last summer. But as a recent article in Barron’s pointed out, the relative strength of the dollar has disguised an even more substantive bull market for gold.
Sharps Pixley CEO Ross Norman told Barron’s that gold has seen a widespread, strong and sustained value appreciation around the globe against 72 currencies.
Total holdings of gold in gold-backed ETFs grew for the fourth straight month in January.
Globally, ETFs added 72 tons of the yellow metal to their holdings last month, according to the latest data released by the World Gold Council. This brought the total amount of gold held by funds worldwide to 2,513 tons valued at about $107 billion.
Global gold demand grew by 4% in 2018, driven by a multi-decade high in central bank buying, according to the World Gold Council’s Gold Demand Trends 2018 Report.
Gold demand came in at 4,345.1 tons in 2018. That was up from 4,159.9 tons the previous year. This was in line with the five-year average growth.