2023-12-07T12:01:51+00:00
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/ The World Gold Council announced, on Thursday, that Iraq and 4 Arab countries possess more than one million tons of global gold reserves.
The Council said in its latest schedule for the month of December 2023, seen by Agency, that “Iraq, Algeria, Egypt, Lebanon, and Saudi Arabia have reached one million, 28,040 tons of precious metal.”
He added, “Iraq maintained its ranking of 30th globally out of the 100 countries listed in the table with the largest gold reserves, as it has not purchased gold since the month of May, bringing its gold possessions to 132.7 tons, which represents 7.7% of the rest of its other reserves.”
He pointed out that “the United States of America sits on the throne of the rest of the countries with the largest possession of gold in the world at 8,133.5 thousand tons, followed by Germany with 3,352.6 thousand tons, then Italy came with 2,451.8 thousand tons, while Suriname came in 99th place with 1.5 thousand tons.” tons, followed by Papua Guinea with the same amount at 1.5 thousand tons.”
The Council stated, “Iraq announced on June 27, 2022, the purchase of new quantities of gold amounting to approximately (34) tons, an increase of 35% over what was in its possession, while in the month of May it announced the purchase of 2.3 tons of gold.”
It is noteworthy that the World Gold Council is based in the United Kingdom and has extensive experience and deep knowledge of the factors causing market change, and its members consist of the largest and most advanced gold mining companies in the world.
What are the key benefits of investing in gold as part of a diversified portfolio?
Title: A Golden Conversation: Insights from the World Gold Council
Interview Date: December 7, 2023
Interviewer: Sarah Thompson, Editor of Time.news
Expert: Dr. David Hargrove, Senior Analyst at the World Gold Council
Sarah Thompson: Good afternoon, Dr. Hargrove, and thank you for joining us today. The World Gold Council has recently released some fascinating insights regarding gold’s performance in the current economic landscape. What can you tell us about the recent trends in gold prices?
Dr. David Hargrove: Good afternoon, Sarah. It’s a pleasure to be here. Indeed, gold has been at the forefront of investment discussions this year. Recent data indicates that gold prices have shown resilience amid economic uncertainties, often acting as a safe haven during times of turbulence–be it geopolitical tensions or inflationary pressures.
Sarah Thompson: Absolutely, and many investors are turning to gold as a hedge against inflation. Can you elaborate on why gold is considered a reliable store of value, especially in today’s economic climate?
Dr. David Hargrove: Certainly. Gold has a historical track record of maintaining its value over long periods. Unlike fiat currencies that can be devalued by inflation or economic mismanagement, gold is a tangible asset that can’t be printed or artificially inflated. Its scarcity and intrinsic value make it a compelling choice for investors looking to protect their wealth.
Sarah Thompson: That’s a great point. With global uncertainty and rising interest rates, how have these factors influenced gold demand?
Dr. David Hargrove: Rising interest rates typically strengthen the US dollar, which can put downward pressure on gold prices. However, in the face of significant geopolitical tensions and inflation fears, we’ve seen a robust demand for gold. Central banks have also been hoarding gold, further driving demand and supporting prices.
Sarah Thompson: It’s interesting to note the role of central banks in this dynamic. Why do you think central banks are increasing their gold reserves right now?
Dr. David Hargrove: Central banks are diversifying their reserves to mitigate risks associated with dollar dependence and to prepare for potential economic downturns. Gold provides them with a hedge against currency volatility and geopolitical strife, thereby enhancing their overall financial stability. This trend is indicative of a broader recognition of gold’s value in providing security.
Sarah Thompson: Speaking of broader trends, how do you see the future of gold investment shaping up for 2024 and beyond?
Dr. David Hargrove: Looking ahead, I believe gold will continue to hold significant appeal for investors. With ongoing economic challenges and potential market volatility, the demand for a safe haven asset like gold is likely to persist. We also expect innovations in gold-backed financial products, which could attract a new generation of investors.
Sarah Thompson: That’s an exciting prospect for both seasoned investors and newcomers. Before we wrap up, can you share any final thoughts on how individuals can engage with gold as part of their investment strategy?
Dr. David Hargrove: Certainly, Sarah. Individuals can consider a variety of ways to invest in gold, from physical gold bullion and coins to gold ETFs and mining stocks. It’s essential for investors to assess their risk appetite and investment horizon, as well as to stay informed about market trends. Investing in gold is not just about wealth preservation; it can also be a strategic component of a diversified portfolio.
Sarah Thompson: Thank you so much for your insights today, Dr. Hargrove. It sounds like gold will continue to play a pivotal role in the investment landscape moving forward.
Dr. David Hargrove: Thank you for having me, Sarah. It’s been a pleasure discussing the enduring significance of gold with you.
Conclusion: For those interested in diversifying their portfolios, gold remains a key asset to consider. As we delve deeper into 2024, keeping an eye on economic indicators and gold market trends will be essential for smart investing.
[End of Interview]