Central banks bought over 27 tons of gold in July, but big sales by two banks dropped net global purchases to 8.8 tons, according to the latest data by the World Gold Council.
Central banks added another net 18.1 tons of gold to their reserves in June, according to the latest data from the World Gold Council. The net total was pulled down by a significant sell-off by Columbia’s central bank.
Central banks added a net of 39.8 tons of gold in May, according to the latest data from the World Gold Council. May purchases maintained the pace we’ve seen through the first four months of the year and were slightly above the four-month average of 35 tons.
The pace has slowed somewhat this year, but central banks are still buying gold, and the World Gold Council expects central bank demand to continue over the next 12 months.
In April, central banks globally added another net 31.6 tons of gold to their reserves, despite Russia following through on its commitment to suspend its buying program.
The Federal Reserve launched QE infinity this week. The Fed has committed to buy an “unlimited” amount of US Treasuries and mortgage-backed securities. But that’s not all. The central bank also announced it will buy some corporate bonds for the first time ever.
A bill introduced in the Wyoming House would establish a precious metals bullion depository in the state. It would not only create a safe place to store precious metals; it could also facilitate the everyday use of gold and silver in financial transactions in Wyoming and set the stage to undermine the Federal Reserve’s monopoly on money.
Central banks continued their remarkable gold-buying spree in November and remain on pace to eclipse 2018’s near-record purchases.
According to the latest numbers from the World Gold Council, central banks added 27.9 tons on a net-basis to official gold reserves in November. That brings the yearly total for 2018 with one month left to calculate to 570.2 tons, 11% higher than the same period in the previous year.
Gold has rallied through the last weeks of 2019 and has pushed back above the $1,500 per ounce mark. The yellow metal is on pace to finish the year up close to 18%. And there is a lot of optimism that gold will continue to shine in 2020.
As we look ahead to the new year, here are five reasons gold may well skyrocket in 2020.
Gold is finishing up 2019 with a bang, pushing back above the psychologically significant $1,500 per ounce this week. Although there are a few trading days left, gold appears set to end the year with a better than 17% gain. In the last Friday Gold Wrap podcast of 2019, host Mike Maharrey takes us through a quick overview of what he considers to be the five biggest stories of the year driving precious metals.
The central bank gold-buying spree is expected to continue into next year as countries continue to create a hedge against geopolitical risk and diversify their reserves away from the US dollar.
Through October of this year, central bank gold purchases have totaled 562 tons, based on data compiled by the International Monetary Fund and reported by the World Gold Council. That puts the sector on pace to roughly match last year’s total of just over 650 tons.