Since November 2020, the central bank of Uzbekistan (CBU) issues sealed gold bars with a QR-code for real time verification. With these new bars CBU aims to stimulate gold to be used as a store of value, as well as promote the circulation of gold.
Their bearish bet, equivalent to 470 million barrels of oil, has been accumulated since the start of the year and is in direct contrast to that of traditional speculators who last week boosted their net-bullish Brent oil wagers to a nine-month high.
"We forecast further upside to $65/bbl through 2021 as the oil market rebalances due to a large vaccine-led demand rebound... In the short-term, however, the oil market faces spreading lockdowns with demand declining in Europe."
While most participants including Russian Deputy Prime Minister Alexander Novak in the informal online discussion on Sunday evening supported maintaining the production curbs at current levels into the first quarter, the United Arab Emirates and Kazakhstan were opposed.