Sirwin
Sirwin
2023 Worldwide Demand All Forms Gold Hit Record 4,899 Tons

2023 Worldwide Demand All Forms Gold Hit Record 4,899 Tons


It's not just central banks buying up gold. In all its forms, whether bullion, jewelry, manufacturing or investment demand, 2023 was a record year for gold sales, totaling 4,899 Tons. Maybe that's another reason why the price of gold remains elevated above $2,000 per ounce. It's come to the point where people don't care what the price is, they're going to buy it anyways. An article out yesterday on Kitco News suggests people have become insensitive to the price of gold.

What brought my attention to this massive 4,899 ton gold mountain was an article published yesterday on KingWorldNews, written by Geral Celente, publisher of The Trends Journal titled, 'The gold bull and China's epic collapse'. In it, he outlines how Chinese citizens have bought 28% more gold bars and coins than the previous year, for a total 280 tons.

China's Global Times now has bragging rights, stating in a recent post that China has overcome India as the world's largest gold jewelry consumer. While India, which traditionally tops gold sales, saw sales drop slightly by 3%.

For us Canadians though, it's getting harder and harder and more and more expensive to get our hands on one ounce of gold which now costs $2,736. Us poor Canadians. With the American dollar flying high lately, I don't expect the price to go down anytime soon. In fact, I think it's only going up from here on in.

The total gold demand for 2022 was 4,741 tons. In the last two years, central banks have gobbled up more than 2,100 tons of gold and have been accumulating since about 2010. Lately though, their demand for gold has been one for the record books with 2022 (1,072 tons) and 2023 (1,037 tons) the highest on record.

Still, it's nice to see that many people are turning to gold as a viable investment and hedge against rising inflation. My motto will always be... diversify, diversify, diversify. If you haven't got any precious metals, consider add it to your portfolio.

See reference section for more information.

Silver though is still very cheap. Click the photo below to view this (and other) listings on Ebay. Bonus: Buy a 10 ounce bar, let me know you saw this ad on PublishOx and I'll include a vintage silver quarter for free! More silver is better!

 

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PublishOx - Earn crypto for blogging

 

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SweptOverNiagara
SweptOverNiagara

Name's Joe and I live in Ontario, Canada. I like writing on a wide variety of topics. I enjoy keeping track of markets, investing and commodities and the crypto sector. Also do some coding for web browsers.


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