- Growing tensions in global financial markets are creating solid demand for gold worldwide, with Australia seeing record prices for the yellow metal.
"Gold is the ultimate safe haven, it is no-one's liability," said Close."If you own gold, it is not a piece of paper, not bank note and not a promise to pay the bearer – it is all yours. Also, it is virtually indestructible, easily transportable and recognized all over the world." "Gold production for the 2022 calendar year totaled around 313 tonnes, or a little over 10 million ounces and just half a percent or two tonnes less than in 2021," Close said."The value of gold produced in 2022 was around A$26 billion and as most of this gold is exported, the gold mining industry is an important contributor to Australia's total foreign exchange earnings."
The U.S. banking crisis turned global when one of Europe's largest banks, Credit Suisse, saw its share price drop more than 30% Wednesday, a day after it said in its annual report that it lost roughly $8 billion last year.
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