Thrifty Banker
  • Politics
  • Business
  • World
  • Investing
  • Politics
  • Business
  • World
  • Investing

Thrifty Banker

Investing

Joe Cavatoni: What’s Next for Gold After 2023’s Record Total Demand?

by February 9, 2024
February 9, 2024
Joe Cavatoni: What’s Next for Gold After 2023’s Record Total Demand?

Led by China, demand from these entities came to 1,037.4 metric tons (MT) last year, just 45 MT less than the record set in 2022. Behind China, which took in 224.88 MT of gold, were Poland at 130.03 MT and Singapore at 76.51 MT.

‘I think the pace for the central banks to continue to add gold to their portfolios — in particular the emerging market central banks that have large dollar and euro exposure — continues to be a strong case,’ Cavatoni said about 2024.

While central banks were avid buyers of gold last year, investment demand took a hit, dropping to a 10 year low of 945.1 MT. According to Cavatoni, the fall came on the back of a third consecutive year of exchange-traded fund outflows. Bar and coin investment was also slightly weaker year-on-year, dipping by 3 percent.

Overall gold demand excluding OTC clocked in at 4,448.4 MT for 2023, while the amount including OTC and stock flows was 4,899 MT, the highest level on record. Mine production came to 3,644.4 MT, a 1 percent rise from the previous year.

Looking at where the gold price may go in 2024, Cavatoni said it will be important to watch the US Federal Reserve.

‘We’ll see when and how the Fed deals with where rates are, and that cycle. That’s going to give us that breakout. You can very simply see another strong performance like we saw in 2023 based on how monetary policy develops,’ he said.

Cavatoni continued, ‘With that comes a very, very strong case for the systemic risk, the event risk and the hedging risk that come along with a very, very volatile geopolitical landscape getting more complicated as we speak … so you’ve got a strategic case to be made in terms of when and how monetary policy develops, but also you’ve got this tactical moving market in terms of geopolitical and political events that could keep gold very top of mind as a safe-haven hedge.’

Watch the interview above for more from Cavatoni on gold demand, plus overall market trends.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com
0
FacebookTwitterGoogle +Pinterest
previous post
BPH Energy Ltd Raises $2.25 Million to Accelerate Funding of Hydrocarbon and Cortical Investments
next post
Pharma Stocks: 5 Biggest Companies in 2024

Related Posts

Zinc Stocks: 5 Biggest Canadian Companies in 2024

February 1, 2024

5 TSX and TSXV Potash Companies (Updated 2023)

October 3, 2023

Metals Australia: High-quality Graphite Project, Outstanding Portfolio of...

May 29, 2024

Entitlement Offer Prospectus

May 23, 2024

Can You Invest in Neuralink?

February 1, 2025

Canadian Critical Minerals Closes Financing

May 16, 2024

Crypto Market Recap: Grayscale Debuts New Bitcoin Product,...

May 1, 2025

Higher Vanadium and Iron Concentrate Grades Highlighted in...

March 12, 2024

Oceana Lithium

September 5, 2023

CSE Blockchain Stocks: 3 Biggest Companies in 2023

October 3, 2023

    Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Popular

    • 1

      Top 10 Countries for Natural Gas Production (Updated 2024)

      April 6, 2024
    • 2

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 3

      Top 10 Uranium-producing Countries (Updated 2024)

      April 18, 2024
    • 4

      A GOP operative accused a monastery of voter fraud. Nuns fought back.

      January 3, 2025
    • 5

      Top 9 Nickel-producing Countries (Updated 2024)

      April 23, 2024
    • 6

      Australian abolitionist, Grace Forrest, receives coveted ‘Freedom from Fear’ award

      April 13, 2024
    • 7

      LME Sanctions on Russian Metal Push Copper, Nickel and Aluminum Prices Higher

      April 17, 2024

    Categories

    • Business (1,028)
    • Investing (2,046)
    • Politics (2,977)
    • Uncategorized (20)
    • World (3,347)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: thriftybanker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thriftybanker.com | All Rights Reserved