Page 32 - Bullion World Volume 02 Issue 12 December 2022

Bullion World | Volume 2 | Issue 12 | December 2022

China Wants America’s Gold coin launched

Gold to mark 100 years

As gold prices drop, the West is selling its of Irish State
stores, and the East is buying it up. More than
527 tons of gold have been removed from the
Federal Reserve Bank of New York and the Bank of England. At the same
time, China hit a four-year high for gold imports. If the West does not want
its gold, China is more than willing to take it. For China, buying gold means
selling yuan, and selling great quantities of anything makes it cheaper. Making
the yuan cheaper makes it cheaper for foreigners to buy “made in China”
goods. This is a game China has played since the 1990s. As the value of their
currencies shifts, China can ensure that the yuan will always be lower. This
makes it difficult for any other country to manufacture products cheaper than A new commemorative gold
China. The more the yuan weakens, the more China can boost its economy. coin to mark 100 years since the
Source: https://www.thetrumpet.com establishment of the State has been
unveiled by the Central Bank. The
WGC calls miners to plan €100 centenary coin, which will retail

for further climate change at €1,225, is struck in 999.9 gold
to prove quality. It will be limited to
risks 750 pieces and it will be available for
purchase from 30 November through
The World Gold Council (WGC) urges bullion miners www.collectorcoins.ie. The coin was
to implement more consistent, systematic planning designed by Mary Gregoriy and it was
and wider collaboration, including closer engagement launched by the Minister for Finance
on risks with local communities, to deal with climate- Paschal Donohoe and Governor of
related challenges. In its Gold and climate change: the Central Bank Gabriel Makhlouf at
Adaptation and resilience report, the gold industry’s leading trade body the National Library of Ireland.
identifies key physical climate-related vulnerabilities of the sector. The WGC Source: https://www.rte.ie/
notes that gold mines are often located in remote and diverse geographic
locations and can have a strategic and pivotal role in local economies. Many Australian gold
communities may be indirectly dependent on a robust and stable gold mining
industry for the provision of key capacities, infrastructure, and growth and production falls -
development opportunities. By creating sustainable mining operations in the Surbiton
face of climate hazards, the industry can enable greater resilience at the
mine site and beyond, potentially reducing the negative economic and social Australian gold production declined
implications for all stakeholders, the WGC says. by 7 t in the third quarter of 2022,
Source: https://www.mining.com new data from Melbourne-based
gold mining consultants Surbiton
DGCX opens trading of SAM Associates found.Output for the

Precious Metals gold and September 2022 quarter totalled 76
t, down nine percent from the high
silver bars of 83 t produced in the June 2022
quarter. It brings total Australian gold
Dubai Gold & Commodities Exchange (DGCX) has mine production to 235 t for the first
announced that SAM Precious Metals (SPM) gold and silver bars can now nine months of 2022.
be traded on its exchange and clearinghouse. SPM is an ‘Intelligent Refinery’ Source: https://www.
focused on driving innovation. Globally renowned in the industry with high end miningweekly.com/article/
and efficient facilities in Dubai, and Egypt, SPM is creating a benchmark for australian-gold-production-falls--
gold and silver refinery by utilising the most advanced chemical processes to -surbiton-2022-11-28
refine and evaluate gold, silver, and other precious metals. With the trading of
SPM gold and silver bars on DGCX, members at DGCX can securely trade
SPM products using the exchange and clearinghouse.
Source: https://www.tradearabia.com

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