Gold has upward momentum

War in Ukraine and war in the Middle East harbor uncertainties and risks – good for the gold price.

If the gold price continues to rise, chart technicians see the first resistance level at around USD 2,040 per ounce, the next at USD 2,080 and the next major resistance level at USD 2,100 per troy ounce. The gold price reached USD 2,040 on June 1 and October 27. 2,080 was broken on April 13. The gold price reached around 2,100 US dollars on May 3. Many are now positive about the gold price, as falling inflation is putting less pressure on central banks. And due to the existing crises, gold will certainly remain an important investment vehicle in the new year. In addition, the central banks are supporting the price of the precious metal with their hunger for gold.

Since the beginning of the 1980s, the central banks‘ gold reserves have never been as large as they are today. India, for example, imported more gold from Switzerland in October than it has in two years, namely around 50 tons. In total, 117 tons of gold were added to the Indian central bank’s gold hoard in October. This was due to the Hindu holidays of Dhanteras and Diwali. Gold is a monetary asset, a kind of haven for liquidity and, above all, a long-term value. According to forecasts, gold purchases by central banks will also remain strong and provide support for gold prices and thus for a general rise in the price of the precious metal.

And as we have seen, even higher real interest rates have hardly affected the strength of the gold price. With a weaker US dollar, existing geopolitical risks, weak economic development and the drive of many countries away from the US dollar, gold should therefore continue to perform well in the new year. This also applies to gold companies such as Skeena Resources and Revival Gold.

Skeena Resources – https://www.commodity-tv.com/ondemand/companies/profil/skeena-resources-ltd/ – is working to revitalize two gold properties in British Columbia’s Golden Triangle. The final feasibility study is very promising.

Revival Gold – https://www.commodity-tv.com/ondemand/companies/profil/revival-gold-inc/ – scores with good drill results from its Beartrack-Arnett property in Idaho (up to 11.7 grams of gold per tonne of rock).

Current company information and press releases from Skeena Resources (- https://www.resource-capital.ch/en/companies/skeena-resources-ltd/ -). 

In accordance with §34 WpHG I would like to point out that partners, authors and employees may hold shares in the respective companies addressed and thus a possible conflict of interest exists. No guarantee for the translation into English. Only the German version of this news is valid.

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