Reported global central bank gold reserves, via the IMF and publicly available sources, rose by a net 39t in December. Gross sales (2t) were again dwarfed by gross purchases (41t), highlighting the strength of buying.*
Reported global central bank gold reserves, via the IMF and publicly available sources, rose by a net 44t in November. Gross purchases (60t) heavily outweighed gross sales (15t) as central bank demand maintained its momentum.
Gold finished the year on a high, literally and metaphorically, as the LBMA Gold Price PM reached a new historical record of US$2,078.40/oz on 28 December – the final afternoon auction of 2023.
Central banks’ gold buying slowed in October but did nothing to alter the overall trend of robust buying that has captured the attention of gold investors. Reported global net purchases totalled 42 tonnes (t) during the month, 41% lower than September’s revised total of 72t, but still 23% above the January-September monthly average of 34t.
Join the World Gold Council’s market strategists for episode one of The Unearthed Podcast - with Lori Heinel, State Street Global Advisors’ Global Chief investment Officer. Together, we’ll unearth golden insights spanning macroeconomics, investment and consumer trends, geopolitics, technology, trust, supply chains and more.
The LBMA Gold Price AM in USD and the Shanghai Gold Benchmark PM (SHAUPM) in RMB bounced higher, both recording the strongest monthly gains since March. The local gold price premium fell from its record high, possibly driven by weaker gold demand during the month.
In Q2’23 the gold miners’ global average all-in sustaining cost (AISC) continued to climb, rising to US$1,315/oz. This represents an increase of 1% q/q and 6% y/y, maintaining the overall upward trend which began in Q1’21.
The local gold price premium soared to unseen levels in September and the PBoC extended its gold reserve rising streak to 11 months.
Central banks collectively increased their gold reserves in August for the third consecutive month. They reported adding 77t to global official reserves during the month, a 38% up-tick from July’s buying. Recent buying has reinforced our confidence that the long-term trend of healthy central bank demand remains in place.
Determining the value of gold can at times make potential investors hesitant. Unable to judge what the price might do, reduces confidence in making an informed decision. Recently, gold in Australian Dollars (AUD) reached its highest ever price and breached A$3,000. While dipping slightly by the end of the first half of 2023, when is the right time to buy, or even increase, a gold allocation into a portfolio?
When I did my own independent, online research, I found that the information available on the web can be confusing and, in many ways, misleading if not downright inaccurate. This blog is a very simple and concise summary, for anyone interested in achieving the benefits of gold in their retirement account.
