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Central banks are hoarding gold for a reason
[Gold Newsletter #293] Gold Price: $4,273.75 News: China’s PBOC extends gold-buying streak, gold rush in Singapore. Gold price forecasts: $4,900 to $10,000
A summary of the most important gold news and analysis of the last week.
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Gold price
Gold price: $4,273.75 $XAUUSD ( 0.0% ) [View live gold price.]
Change from last week: $53.73 (1.27%)
Gold news
This week’s summary of gold news and analysis.
Central banks are hoarding gold for a reason (archive) [Bloomberg]
"The world’s central banks are swapping dollars for gold. As the Federal Reserve is preparing to cut interest rates for the third time this year, the precious metal has emerged as the ultimate 'uncertainty hedge' in a world of rising risks for the greenback."
• Oh no! Gold driven by speculators? Really? [BullionVault]
🔮 Gold price forecasts
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🌐 World gold news
Gold news from a global perspective.
🇧🇹 Bhutan
"The launch adds to Bhutan’s broader blockchain push, including Bitcoin reserves, Binance Pay integration and hydro-powered BTC mining."
🇨🇳 China
"China’s central bank added to its gold reserves for a 13th straight month, according to data released on Sunday."
• When Chinese crypto whales start buying gold [Blockbeats]
🇬🇭 Ghana
🇬🇷 Greece
• Greek households privately hold some €5B in gold coins [Greek City Times]
🇮🇳 India
• Indian housewives may be overestimating value of their gold jewellery: Report [The Economic Times]
🇮🇩 Indonesia
🇮🇹 Italy
• ECB criticises Italy's revised proposal on gold reserves, worries about central bank independence [Reuters]
🇯🇴 Jordan
• Central bank’s gold reserves reach record high [Jordan News]
🇸🇬 Singapore
• Gold rush in Singapore, chaos in New York [Investing]
“"Last Thursday, JP Morgan moved its entire gold trading desk (50+ traders and their families) from New York to Singapore. No press release. No gradual transition. Just a leaked internal email demanding everyone be in Asia by the end of the week. At the same time, the COMEX “paper gold” market suffered an unexplained 11-hour trading halt, right as JP Morgan delivered billions of dollars in physical gold, the largest physical movement since 2008."“
🇹🇭 Thailand
• BoT opens hearing on reporting rule for big gold traders [The Nation]
"Bank of Thailand plans to require gold traders with over 10 billion baht in annual turnover to report transactions, aiming to protect FX stability and curb “grey money”."
• Long-running legal dispute over Thai gold mine ends [Bangkok Post]
🇹🇷 Türkiye
• Physical gold gap in Türkiye narrows as demand normalizes [Daily Sabah]
🇻🇳 Vietnam
• Vietnam to impose 0.1% tax on gold bullion transactions [VnExpress]
Gold-backed cryptocurrency
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"A recent report by the Blockchain Research Lab examines the advantages of tokenized gold versus current leveraged paper gold platforms, predicting that tokenization will prompt gold investors to exit the legacy system and destabilize global gold institutions."
"One possible solution is a new kind of stablecoin whose value is pegged to a real-world, physical stockpile of gold, argues Algoz’ Stephen Wundke."
Read more about gold-backed cryptocurrencies.
Gold Weekly features curated articles from various sources and is not financial advice.
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