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

No Pause in Central Bank Gold-Buying

  by    0   0

Central banks bought more gold in April, according to a report by the World Gold Council. This continues a gold-buying spree that stretches back to last year.

Globally, central bank net purchases of the yellow metal totaled 43 tons. That is an 8% increase month-on-month.

Reported net purchases total 207 tons so far in 2019. That ranks as the highest year-to-date increase in gold reserves since central banks became net buyers in 2010.

According to the WGC, “This could be viewed as a strong statement of intent towards gold, especially given this follows the highest level of annual purchases for 50 years.”

Russia was once again the biggest buyer of the yellow metal. The Central Bank of Russia added 15.1 tons according to IMF data. China also continued to add gold to its stash with an increase of 14.9 tons. Uzbekistan also jumped into the fray, purchasing 7.9 tons of gold.

Other countries that added gold to their reserves in April include:

Kazakhstan (4.9 tons)

Malta (0.1 tons)

Mexico (0.2 tons)

Turkey (2.3 tons)

Germany shed 1.8 tons of gold from its reserve. This was due to its long-standing coin minting program, according to the WGC.

Russia, Turkey, China, Kazakhstan and India lead the year-to-date gold buying.

Central bank gold purchases in April continue a trend we saw through 2018. In total, the world’s central banks accumulated 651.5 tons of gold last year. The World Gold Council noted that 2018 marked the highest level of annual net central bank gold purchases since the suspension of dollar convertibility into gold in 1971, and the second highest annual total on record.

A move to minimize dependence on the US dollar, especially by countries like Russia and China, is driving this central bank gold-buying spree. Peter Schiff recently appeared on RT’s News with Rick Sanchez to talk about it. He noted that the US went off the gold standard in 1971, but he thinks the world is going to go back on it.

The days where the dollar is the reserve currency are numbered and we’re going back to basics. You know, everything old is new again. Gold was money in the past and it will be money again in the future, and central banks that are smart enough to read that writing on the wall are increasing their gold reserves now.”

TaxFreeGold.Banner.1000x285

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 how to buy gold and buy silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!


Related Posts

Ireland Adds Gold to Reserves as Inflation Worries Increase

Over the last several years, we’ve seen strong central bank gold-buying. The surge in gold purchases has primarily been driven by a handful of consistent players. But over the last several months, we’ve seen several new countries enter the market. The most recent is Ireland.

READ MORE →

That Was One Weird Jobs Report

That was one weird jobs report. The labor department released the November employment data on Friday. The numbers simply don’t make any sense. As one chief investment officer put it, “One of the weirdest reports I have ever seen.” One thing seems pretty certain. The labor market has not recovered, no matter how the powers […]

READ MORE →

Gold Demand Continues to Rebound in India

Gold demand in India strengthened in October despite higher prices. This continues a rebound in the world’s second-largest gold market after it was pummeled by government policies during the coronavirus pandemic.

READ MORE →

I’m Dreaming of a Red Christmas?

It appears American consumers are going to have a red Christmas this year. Red — as in going deeper into debt.

READ MORE →

Singapore Adds Gold to Reserves for the First Time in Over 2 Decades

Singapore expanded its gold reserves by about 20% earlier this year, joining a growing number of countries increasing their investment in the yellow metal.

READ MORE →

Comments are closed.

Call Now