Willem Middelkoop, Terence Van Der Hout (Head of Research) and Martin Katzberg (US-based researcher) flew to Toronto last week for Prospectors & Developers Association of Canada (PDAC)).
With over 20,000 attendees, PDAC is the world's largest mining conference. And therefore the perfect place to meet interesting (exploration) companies. Our team discusses project progress, plans for further exploitation and gets to know key figures in commercial and geological positions, both current, and potential positions within the fund's portfolio.
The most discussed topic at PDAC: gold. As you know by now, Central Banks are currently stockpiling gold en masse. The People's Bank of China (PBOC) is leading the way. Notable is China's openness about this, since the end of 2022. Willem Middelkoop also referred to this in Toronto, in an interview with Kitco NEWS:
"It's no coincidence that China has just started to publish their gold purchases again. They are putting the world on notice that they have an international currency.".
The Eastern superpower is also expected to prove to be the strongest riser again in 2023. Krishan Gopaul, market analyst at the World Gold Council, referred to updated data from the PBOC, which shows that they again bought nearly 25 tons of gold in February. This is already the fourth consecutive monthly increase. And in those 4 months, China has bought in over 100 tons of gold.
In the article, Thom Calandra, founder of MarketWatch concludes, "I think gold will be an important strategic asset for central banks, and investors need to pay attention.".
We also reported on this in our last Monthly Report: "After the implosion of this London Gold Pool, the gold price rose from $35 (1967) to over $800 per ounce (1980). A gold revaluation is to be expected now too. Gold is overwhelmingly being used as a weapon in the rapidly escalating battle between the BRICS countries and the West."
Would you like to learn more about how Commodity Discovery Fund is positioning itself in gold? You can download our brochure for free or contact our Investor Relations team.
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