Contact us
CALL US NOW 1-888-GOLD-160
(1-888-465-3160)

Eastern Gold Buying Spree Continues

  by    5   1

Russia and Kazakhstan continued their gold buying spree in November, and Turkey added to its reserves as well. Meanwhile, India is on pace for a healthy increase in gold imports this year.

Gold-russia-mdm


It was the 38th straight month of increasing gold reserves for Kazakhstan, according to Bloomberg:

Kazakhstan raised its stash to 7.03 million ounces in November from 6.96 million ounces a month earlier and Russia boosted assets to 44.78 million ounces from 44.07 million ounces, data on the IMF’s website showed. Turkey’s reserves increased to 16.39 million ounces from 16.10 million ounces.”

Russia’s November gold buy follows on the heels of a 34.2 ton increase in its holdings of the precious metal in September, and a 1 million ounce increase in August. Russia boasts the world’s seventh largest gold reserve.

Meanwhile, China continued to add to its reserves as well. As we reported earlier this month, the Chinese upped their stash of the yellow metal an estimated 21 tons last month, the largest increase in at least five months.

These November numbers continue a broader trend of central banks buying gold. According to Bloomberg, world-wide central bank gold purchases in the third quarter of 2015 were the second highest on record:

‘The buying trend will continue,’ Feifei Li, an analyst at Barclays Plc, said by e-mail before the data were released. Emerging market countries such as Russia, China and Kazakhstan ‘have a long-term need to increase their reserves due to portfolio and strategic reasons.’”

Many analysts believe these countries are increasing their gold holdings to minimize exposure to the US dollar. Victor Thianpiriya of Australia & New Zealand Banking Group Ltd. told Bloomberg many countries have been diversifying holdings away from the dollar for years.

Indians are also continue to buy gold. According to a report in the Economic Times, Indian gold imports are on pace to eclipse 1,000 tons this year. That represents an 11% increase over last year’s number. India had already imported 850 tons through September of this year. Imports via smuggling into India are estimated at around 100 tons.

Gold is the second largest import item for India after petroleum. The Indian government has been trying to entice people to monetize their gold in order to lower imports, but have not had much success. So far, the plan has attracted less than 1 kilogram per month. Indians simply value the metal too highly to give it up.

Central bankers, Indians and Chinese all understand that there are good reasons to buy gold and hold gold. For more information, get Peter Schiff’s report Why Buy Gold Now. You can download it for free HERE.

WhyBuyGoldNowBanner.070815.590

Get Peter Schiff’s most important Gold headlines once per week – click here – for a free subscription to his exclusive weekly email updates.
Interested in learning more about physical gold and silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!


Related Posts

Atlanta Fed Lowers Q3 GDP Growth Forecast Close to Zero

The Atlanta Fed has lowered its GDP estimate for the third quarter to 0.3%, and the trend is downward. That means the economy is teetering on the verge of another quarter of negative GDP growth. Would that be enough to raise recession alarms?

READ MORE →

Fed Rate Hikes Will Add Trillions to National Debt

Federal Reserve rate hikes will add trillions to the national debt, according to an analysis by the Committee for a Responsible Federal Budget.

READ MORE →

Chinese Gold Demand Appears to Be Picking Up Again

Gold demand in China showed renewed strength over the last two months despite scattered COVID-19 lockdowns. Both gold withdrawals from the Shanghai Gold Exchange (SGE) in August and gold imports in July were up. China ranks as the world’s number one gold consumer.

READ MORE →

Some Things Never Change: US Government Runs Another Big Deficit in August

Some things never change — such as the federal government spending more money than it has month after month after month. August was no different. The US government ran a massive $219.6 billion budget deficit last month, according to the latest Monthly Treasury Statement. That nudged out July as the second-largest monthly deficit in fiscal […]

READ MORE →

Queen Elizabeth’s Death Puts Squeeze on Already Tight Bullion Coin Market

The recent death of Queen Elizabeth II is squeezing gold and silver bullion coin markets that were already strained by tight supplies. There was an immediate and dramatic surge in demand for gold and silver bullion coins bearing the queen’s effigy upon her passing. According to News.com.au in Australia, “Collectors are scrambling to get their […]

READ MORE →

5 thoughts on “Eastern Gold Buying Spree Continues

  1. Patrick says:

    So I can’t recall ever hearing about Canada or the United States or Mexico buying additional ounces of gold to hedge against economic uncertainties. One would assume in that case that the United States Canada and Mexico are just too stupid to see the writing on the wall. Or on the other hand maybe they intend to allow the entire system to unwind and create a global crisis that is unprecedented in the history of the United States. What a disappointment this country has become. expatriation is on my radar screen. so happy my wife has dual citizenship.

  2. Tisho says:

    Russia is eastern now? The East is Asia. Do you see buddhists walking around the streets in Russia? Russia is a western christian country.

  3. Kevin says:

    Could the West (USA, Britain, Europe etc) be collecting Silver and ‘letting’ the East collect Gold?
    Surely Gold or Silver could back a currency. I get that Gold has 70+ ratio to Silver ……..TODAY. But if it went back to it’s historic average of about 16, PLUS the usage of Silver in industry etc, means there’s less of it than Gold (I BELIEVE), MAYBE the West will use Silver instead of Gold and thus Silver’s values BOOMS to parity-ISH with Gold and the West end up duping/beating the East………or similar??????????
    Any thoughts???
    It seems more likely than the West is so stupid it doesn’t see the end of the present Fiat system and is LETTING others get the head start on them, before the ‘reset’.

  4. Abe says:

    LOL The gooberment has to support the ponzi scam. But the public is waking up, the US mint can’t keep up with demand, and are intentionally shorting silver.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Call Now