WHY ARE CENTRAL BANKS PURCHASING SO MUCH GOLD? – Central banks around the world have been buying gold at record numbers. Not since 1970, when the US Dollar was still based on the gold standard, have banks bought up so much gold over such a short period of time. Some of the largest banks include the central banks of Turkey and India.
NEWSWATCH BLURB:
Central Banks Are Buying Gold At The Fastest Pace In 55 Years – news.google.com
Excerpt:
Central banks globally have been accumulating gold reserves at a furious pace last seen 55 years ago when the U.S. dollar was still backed by gold. According to the World Gold Council (WGC), central banks bought a record 399 tonnes of gold worth around $20 billion in the third quarter of 2022, with global demand for the precious metal back to pre-pandemic levels. Retail demand by jewelers and buyers of gold bars and coins was also strong, the WGC said in its latest quarterly report. WGC says that the world’s gold demand amounted to 1,181 tonnes in the September quarter, good for 28% Y/Y growth.
WGC says among the largest buyers were the central banks of Turkey, Uzbekistan, Qatar and India, though other central banks also bought a substantial amount of gold but did not publicly report their purchases. The Central Bank of Turkey remains the largest reported gold buyer this year, adding 31 tonnes in Q3 to bring its total gold reserves to 489 tonnes. The Central Bank of Uzbekistan…
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