Month: June 2020

Bloomberg/Elena Mazneva and Jack Farchy/5-29-2020

“The scramble to jump on one of the hottest gold trades in years — by shipping bullion to New York — has sparked what may be one of the largest ever physical transfers of the metal. ‘The flows into New York are unprecedented,’ said Allan Finn, global commodities director at logistics and security provider Malca-Amit. His company’s teams in New York have been working 24 hours a day to cope with demand while navigating lockdowns, flight disruptions and social distancing.”

USAGOLD note:  As the saying goes, there’s no rush like a gold rush …… Such a fuss over a pet rock.

Image courtesy of Visual Capitalist

The Alchemist/Daniel Palotai and Istvan Veres – Central Bank of Hungary/June2020

“Gold, especially in physical form, is an asset that can strengthen trust towards a country both within and across national borders. One of the important changes in central banks’ behaviour after the Global Financial Crisis was that the need arose to store gold in domestic locations, not in distant financial centres. One by one, central banks announced their repatriation programmes.”

USAGOLD note:  Gold is a long-term store of value for central banks, funds, institutions and private investors.  In this article, the Central Bank of Hungary goes to lengths to explain why.  The World Gold Council recently took a survey in which 20% of central banks said that they are likely to add to their gold reserve in 2020 – up from 8% last year.