The reason behind the current active purchase of gold
The acquisition of gold seems to be particularly ambitious this month. In today's economic downturn, more and more people are trying to protect their net-worth with gold.
Keep on reading to know the reason why the purchase of this precious metal has propelled recently.
October has started loaded with new data. The changes that can be observed in the global economy are obviously affecting gold prices, including other factors such as Brexit, the upcoming US presidential elections, and even the beginning of China's week-long holidays. However, the active purchase of gold is surprising.
What is the reason behind the current active purchase of gold?
The strongest determinant of the current growing acquisition of gold derives from the following announcement made by the gold mining CEO Mark Bristow of Randgold Resources to journalists in Johannesburg:
"To keep the gold industry supplied we need to discover 90 million ounces a year, but we are only discovering 10 million to 15 million ounces a year”.
According to this statement, gold supplies are reducing gradually but fast. And together with the lowering prices of the yellow metal, the purchase of gold has become an avid activity starting from September and, most probably, continuing during October too.
People keep on acquiring gold due to the fact that it is a save-haven asset with which to protect their net-worth, but the decline in the existing supply has fostered its demand. Nevertheless, the gold prices that are expected for October – an average price of 1,327$ per ounce – facilitate the acquisition of this precious metal for private individuals, making its purchase a safe bet for capital protection.
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