March 2024 – the strongest month for gold since 2004

Compared to February, the price of gold rose by more than eight percent in March. Although it is always interesting to look at the seasonality of the precious metal over many years, seasonality is not currently the predominant factor affecting the price of gold. Compared to April 2023, April 2024 saw an increase of almost 14% in euro terms for gold investors. This means that gold was once again able to outpace inflation. Gold seems to be in greater demand than ever before. Central banks in particular are heavily increasing their gold reserves and thus supporting the price.

This includes India, for example. The governor of the central bank has now announced that India has built up gold reserves as part of its foreign currency investments – although he did not reveal how much. According to the World Gold Council, the Indian central bank’s gold reserves amounted to 812.3 tons at the end of January. In December 2023, it was still 803.58 tons. In January 2024 alone, the central bank purchased 8.7 tons of gold in India, the highest figure in two years. However, the governor of the Indian central bank announced that total foreign exchange reserves had reached an all-time high of more than 645 billion US dollars at the end of March.

The aim is to guard against future risks in connection with dollar outflows from India. A stable rupee and a strong national balance sheet are also desired. Countries, not just India, are preparing for the future with gold. Private investors should take note of this. In any case, gold companies belong in a well-mixed portfolio. These include Victoria Gold and Revival Gold.

Victoria Gold’s – https://www.commodity-tv.com/ondemand/companies/profil/victoria-gold-corp/ – Eagle gold mine in the Yukon could produce more than 166,000 ounces of gold in 2023.

Revival Gold – https://www.commodity-tv.com/ondemand/companies/profil/revival-gold-inc/ – has the largest previously producing gold mine in Idaho, USA. The exploration area has just been expanded.

Current company information and press releases from Victoria Gold (- https://www.resource-capital.ch/en/companies/victoria-gold-corp/ -).

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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