Not much is missing and the central banks will break last year's record of gold purchases.
In the first nine months of 2023, central banks worldwide increased their gold reserves by a net 800 tons of gold. Last year, purchases reached a record level of 1136 tons of gold. The figures from the World Gold Council show that central banks are backing gold, driven by geopolitical uncertainties such as the war in Gaza. Among the buyers, China and Poland in particular are now making a name for themselves. The People's Bank of China, for example, bought 78 tons of gold in the third quarter, Poland bought 57 tons and Turkey bought 39 tons. In October, China bought 23 tons of gold. This was the twelfth month in a row that China has been in a buying mood. The People's Bank of China's gold reserves now amount to 2,215 tons and are thus worth around 142.2 billion US dollars.
However, this is currently only around four percent of China's total currency reserves. Further gold purchases should therefore come as no surprise. Further gold purchases by the Polish central bank are also expected. This is because it has the declared goal of achieving a 20% share of gold in its currency reserves. This currently stands at a good 11 percent. Since the beginning of the year, the Polish central bank's gold reserves have already grown by a good 100 tons, topped only by the Chinese central bank. In addition to geopolitical disputes, central bank purchases are supporting the gold price. This means it is also time for private investors to act and take a look around the gold market, for example at companies with good gold projects such as OceanaGold or Victoria Gold.
OceanaGold - https://www.commodity-tv.com/ondemand/companies/profil/oceanagold-corp/ - produces gold and copper. The projects are located in the USA and the Philippines.
Victoria Gold - https://www.commodity-tv.com/ondemand/companies/profil/victoria-gold-corp/ - is also a gold producer. The company's Dublin Gulch property is located in the Yukon.
Current company information and press releases from OceanaGold (- https://www.resource-capital.ch/en/companies/oceanagold-corp/ -) and Victoria Gold (- https://www.resource-capital.ch/en/companies/victoria-gold-corp/ -).
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