As a study shows, some countries have been particularly diligent in increasing their gold reserves in recent years. Even though the USA, Germany, Italy and France are the countries with the largest gold reserves, other countries top the list of countries that have bought the most gold in the last ten years. According to the World Gold Council, Thailand is in tenth place. The Bank of Thailand added 91 tons of gold to its gold hoard. Iraq claims ninth place. The Iraqi central bank in Baghdad has purchased 100 tons of gold over the past ten years. Singapore follows in eighth place with 103 tons. Seventh place goes to Kazakhstan. Its gold reserves have increased by 151 tons of gold.
Uzbekistan (154 tons of gold), India (246 tons of gold) and Poland (256 tons of gold) follow in the hit list. The Turkish central bank is in third place with 424 tons of gold. In China, the gold increase is said to have amounted to 1,181 tons of gold. Russia is in first place with gold purchases amounting to 1,298 tons. The Russian central bank wants to use gold to replace the US dollar and to avoid Western sanctions. Central banks in the emerging markets in particular have therefore been buying gold.
In total, central banks own around 17 percent of the gold mined to date. There are many reasons for central banks to buy gold, one of which is to support the national currency and an increased interest in safe investments. The latter should also be an argument for private investors. For example, an investment in mining companies such as Sierra Madre Gold and Silver or U.S. GoldMining could be lucrative.
Sierra Madre Gold and Silver - https://www.commodity-tv.com/ondemand/companies/profil/sierra-madre-gold-silver/ - owns projects in Mexico that contain silver and gold. The revitalization of the La Guitarra mine is progressing successfully.
U.S. GoldMining - https://www.commodity-tv.com/ondemand/companies/profil/us-goldmining-inc/ - owns the promising Whistler project in Alaska. It contains copper and gold, and the drilling program is running successfully.
Current company information and press releases from Sierra Madre Gold and Silver (- https://www.resource-capital.ch/en/companies/sierra-madre-gold-and-silver-ltd/ -) and U.S. GoldMining (- https://www.resource-capital.ch/en/companies/us-goldmining-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.
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