Central Banks Really, what do they know?, probably more than we think. Global central banks have been increasingly loading up for years especially Russia and china. Even Alan Greenspan[1] had something to say about this recently, you see it here[2].
From The World Gold Council: Net central bank purchases totalled 116.5t in Q1, 42% higher y-o-y and the highest Q1 total since 2014. Since becoming net buyers in 2010, central banks have bought – on average – 114.9t per quarter. Net purchases have become more concentrated since the 2013 peak: Russia, Turkey and Kazakhstan collectively account for nearly 50% of net purchases over the last five years.1
Central banks added 116t to reserves, matching long-term average purchases
Russia continues to be the most prolific purchaser of gold, adding 41.7t in Q1.2 Russian gold reserves have grown to 1,890.8t since the start of the year, now accounting for 18% of total reserves. The Central Bank of Russia has purchased gold for 38 consecutive months, accumulating 683.1t in that time. This commitment to growing gold reserves – a directive by authorities3 – shows no signs of abating and reinforces the view of gold as a strategic asset.
ORIGINAL SOURCE: Central bank demand was up 42% y-o-y, the highest first quarter since 2014[3] by World Gold Council of gold.org[4] on 5/3/18...
References
- ^ Alan Greenspan (twitter.com)
- ^ here (twitter.com)
- ^ Central bank demand was up 42% y-o-y, the highest first quarter since 2014 (www.gold.org)
- ^ gold.org (www.gold.org)