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

Outflows of Gold from ETFs Slowed Significantly in November

The flow of metal out of gold-backed ETFs slowed significantly in November, with North American ETFs charting gold inflows for the first time in five months. A total of 9 tons of gold flowed out of ETFs globally, but total assets under management increased by 2% thanks to the rise in the price of gold.

READ MORE →

The Summer of Central Bank Gold Buying Extends Into the Fall

Central banks gobbled up gold over the summer and the buying spree has continued into the fall. Globally, central banks added another net 42 tons of gold to their reserves in October.

READ MORE →

Silver Looks Like a Real Bargain Right Now

At the current price, silver is a real bargain. Gold went on a run late last week, setting an all-time record high last Friday and breaking the $2,100 level for a brief time in overseas trading Sunday night. Silver also rallied but continues to lag behind gold. In fact, silver looks significantly underpriced based on […]

READ MORE →

Unrealized Losses at US Banks Exploded in Q3

Unrealized losses on securities held by US banks exploded by 22% in the third quarter. Of course, unrealized losses don’t really matter — until they do. This is yet more evidence that the financial crisis that kicked off last March continues to bubble under the surface.

READ MORE →

“Resilient” American Consumers Cutting Back Spending, Running Up More Debt This Holiday Season

Holiday shoppers plan on cutting back on spending and piling on even more debt this year, and nearly a quarter of Americans still haven’t paid off their debt from last year’s holiday spending spree. These were just a few revelations in a recent WalletHub survey that indicates American consumers aren’t quite as “resilient” as pundits […]

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 to Tisho Cancel 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