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Gold overtakes euro to become second-largest central bank reserve asset
By Mike Maharrey
Money Metals Exchange, Eagle, Idaho
Tuesday, October 1, 2024
According to Bank of America, gold has overtaken the euro to become the world's second-largest central bank reserve asset.
With the central bank gold buying spree over the last several years, along with the rapid rise in price in 2024, the yellow metal now makes up about 16% of total reserve assets, just ahead of the euro.
The dollar’s share of reserves has dropped to 58 percent.
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Power Nickel Announces Assay Results from its Polymetallic Lion Zone Discovery
Company Announcement
Tuesday, October 1, 2024
TORONTO -- Power Nickel Inc. (TSXV: PNPN, OTCBB: PNPNF) announces the assay results obtained for the first five holes of the summer 2024 drilling campaign at its polymetallic Lion Zone discovery.
"We announced that our summer exploration program had expanded the Lion Zone by 50% and today we provide the first assays from the program," CEO Terry Lynch said. "The results were obtained from targets we now realize were outside the main Lion Zone in what we refer to as the Halo area. Holes 63, 66, and 67 still delivered great value to the project. Five meters of 5.93% copper equivalent are excellent in Hole 63 and 66-67 both showed a very sizeable section of 12 meters of 2.97% and 2.36% copper equivalent respectively.
"After this set of holes we retargeted the drills at a lower pitch further west and once again found the main Lion Zone. Assays on these holes are pending." ...
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There appears to be a movement to replace fiat currencies, including the dollar, with gold, especially in emerging market countries in the East.
Central banks globally added a net 483 tons of gold through the first six months of this year, 5% above the record of 460 tons in H1 2023, and aggressive buying has continued in Q3.
Last year central bank gold buying of 1,037 tons fell just 45 tons short of 2022's multi-decade record. ...
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