Day: 11 December 2023

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Central banks and geopolitics could keep gold demand hot in 2024, World Gold Council says

Gold

World Gold Council

The two most significant events for gold demand in 2023 were the collapse of Silicon Valley Bank and the Hamas attack on Israel, the World Gold Council (WGC) said, estimating that geopolitics added between 3% and 6% to gold’s performance over the year.

The WGC estimated that central bank demand added 10% or more to gold’s performance in 2023 and said even if 2024 does not reach the same heights, above-trend buying should still offer an extra boost to gold prices.

The precious metal broke through $2,100 per ounce on Monday 4th December 2023 in intra-day trading, before moderating slightly. Spot gold prices were hovering at around $2,030 per ounce Friday 8th December 2023.

Gold price year to date chart

What is the World Gold Council

The World Gold Council (WGC) is a market development organization for the gold industry. It works across all parts of the industry, from gold mining to investment, with the aim of stimulating and sustaining demand for gold. The council sets standards, strengthens markets, and shapes the global conversation about gold. It was established to promote the use of and demand for gold through marketing, research, and lobbying. 

The council includes 33 members, many of which are gold mining companies.

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World’s richest 1% create carbon emissions equal to the poorest 66%

Carbon output

That’s a shocking headline

The world’s richest 1% of people are responsible for around the same percentage of global carbon emissions as the 5 billion people who represent the 66% poorest, according to a report published by Oxfam.

In the report he wealthiest 10% were responsible for 50% of global emissions, it found, while the bottom 50% were responsible for just 8%.

The top 1% represents 77 million people and is defined in the report as having an estimated income threshold of $140,000 per year, and an average income of $310,000.

The report states that personal consumption varies depending on factors such as location, use of renewable energy and transport where the very wealthiest contribute significantly more due to the use of private jets and yachts.

It also includes between 50% and 70% of emissions by the 1% coming through investments in companies, measured by taking firms’ reported emissions and distributing that proportionate to shareholder ownership of those firms by the 1%.

See report here.