|

Will gold reserves replace dollar?

ByVictoria

The Reserve Bank of India (RBI) is not increasing the reserves of gold to replace any international currency, Finance Minister Nirmala Sitharaman on Monday clarified in the Lok Sabha.

“Gold is also kept in the Reserve Bank and gold is also being bought by the Reserve Bank. But beyond that, as regards an international currency or potential currency, there is not much for me to comment at this stage,” FM Nirmala Sitharman said.

“I think it is very typical of India, particularly for households of small businesses and, it is normally said, women, but general households also, and women also, to invest in gold because they think it’s far more secure and far more liquid” FM Nirmala Sitharaman said.

“The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER,” Trump posted on Truth Social after assuming power as the President of the US.

Source – Mint

Similar Posts

  • /

    Over the Weekend!

    ByVictoria
    0 Comments

    The US is moving towards sound money movement

    “Everything else that could function as money has been saddled with taxes and disincentives,” Jp Cortez explained, emphasizing how the current monetary system traps people in the Federal Reserve’s fiat currency.

    “Ten years ago, only a handful of states were considering sound money policies. Last year, more than 27 states introduced over 65 bills related to sound money.”

    Source – Money Metals

    Sound money – refers to a reliable and stable medium of exchange that maintains its value over time.

  • /

    Silver in demand and up

    ByVictoria
    0 Comments

    On April 16, spot silver traded between $32.28 and $33.11. The white metal closed with a strong gain of 1.57 per cent at $32.90 as gold surged and the US Dollar Index and yields slumped.

    Per Silver Institute, silver industrial demand rose 4 percent in 2024 to 680.5 million ounces (Moz), reaching a new record high for the fourth consecutive year. 

    Source – Business Standard

  • /

    MAG Silver Corp reports Q4 2024

    ByVictoria
    0 Comments

    MAG Silver Corp.’s Q4 2024 results showed lower production due to lower grades, but full-year production exceeded revised guidance, leading to strong financials.

    MAG Silver Corp. (NYSE:MAG) is a precious metals mining company with a few assets in North America. It has some early-stage exploration projects in the United States and Canada but gets most of its value from its 44% ownership in the Juanicipio mine in Mexico.

    Source – Seeking Alpha

  • /

    Copper is trading higher than earlier this year

    ByVictoria
    0 Comments

    Despite the losses of the last few days, the Copper price on the Comex is up a good 25 percent since the beginning of the year, almost on a par with tin. But on the LME, too, Copper is trading around 10 percent higher than at the beginning of the year, Commerzbank’s commodity analyst Barbara Lambrecht notes.

    Source – FX Street

  • /

    Central banks back at it, jewelry fell

    ByVictoria
    0 Comments

    Central banks worldwide are on track to buy 1,000 metric tons of gold in 2025, which would be their fourth year of massive purchases as they diversify reserves from dollar-denominated assets into bullion, consultancy Metals Focus said.

    The price rally has so far kept purchases by central banks, a crucial category of demand, unaffected with the first-quarter buying in line with the 2022-24 quarterly average, Metals Focus said in its annual report on Thursday.

    Jewelry demand for bullion has been hit hard by the price rally. Gold jewelry fabrication fell 9% to 2,011 tons in 2024 and is expected to deliver a 16% slump this year with India and China accounting for much of this decline.

    Source – Reuters

  • / /

    Gold drops after inflation data, trade concerns loom

    ByVictoria
    0 Comments

    Spot gold eased 0.2% to $2,893.87 per ounce as of 09:58 a.m. ET (1458 GMT). U.S. gold futures fell 0.4% to $2,920.60.

    Prices dropped over 1% after data showed the U.S. consumer price index jumped 0.5% last month, more than expected, reinforcing the Fed message that it was in no rush to resume cutting interest rates amid growing uncertainty over the economy.

    “With today’s CPI data coming in hotter-than-expected, that has put weight on the gold market. Obviously at this point, any expectation that the market would have had of any type of rate cut later this year has now been put down,” said David Meger, director of metals trading at High Ridge Futures.

    Spot silver shed 0.7% to $32.05 per ounce and palladium fell 0.3% to $973.11, while platinum added 0.7% to $990.10.

    Source – Reuters

    More info!

    CPI – Consumer Price Index