Demand for gold slipped by 10 percent from the beginning of the year and plunged to 892.3 tons in the period July-September, according to the WGC data. This is the lowest quarterly total since 2009, the report states, explaining the decline by the impact of the Covid-19 outbreak on investors and consumers.
Meanwhile, central banks have started to tap their gold stockpiles as governments are trying to offset the impact of the virus. Net sales, primarily driven by Uzbekistan and Turkey, amounted to 12 tons over the third quarter, marking the first such move since 2010, according to the WGC. The banks are still expected to resume gold buying before the end of the year, but at a slower pace than in 2018 and 2019. US dollar will continue to lose against ‘real money, which is gold’ – Peter Schiff “Uncertainty has been elevated by the pandemic, motivating many investors […]
November 3, 2020 (updated November 3, 2020) Published by StockMan