China is likely quietly stockpiling gold in a bid to further minimize its dependence on the US dollar.
Central banks added nearly 400 tons of gold in the third quarter, according to data compiled by the World Gold Council.
This was 300% higher than Q3 2021 and came in as the largest quarterly increase in central bank gold reserves since the World Gold Council started keeping records in 2000.
Gold demand rose 28% year-on-year in the third quarter, driven by robust consumer demand for physical gold and central bank buying, according to data released by the World Gold Council.
Year-to-date, demand is up 18% compared to the same period in 2021, a return to prepandemic levels.
The United Nations Conference on Trade and Development (UNCTAD) got it half right.
The UN agency warned that there is a high risk of a global recession due to central banks tightening monetary policy to fight inflation. But the solutions offered reveal that the UNCTAD has no idea what causes inflation.
Central banks globally added to their net gold holdings for the fifth consecutive month in August, according to the latest data released by the World Gold Council.
On net, central banks added 20 more tons of gold to their reserves. Three banks drove buying in August and there were no notable sellers.
Central banks’ appetite for gold remained robust in July according to the latest data compiled by the World Gold Council.
Globally, central banks added a net of 37 tons of gold to their reserves, bringing the total purchases on the year close to 300 tons.
On net, central banks globally have been adding gold to their reserves. Through the first half of 2022, central banks expanded gold holdings by 270 tons.
National Bank of Poland Governor Adam Glapiński summed up the reason central banks hold gold.
After increasing gold holdings by 84 tons in the first quarter of this year, central banks continued to be net gold buyers in April.
Globally, central banks added a net 19.4 tons of gold to their holdings in April.
Despite a number of big sales, global central bank gold demand remained brisk as net holdings increased by 83.8 tons in the first quarter of 2022.
That more than doubled the 41.2-ton expansion of central bank gold reserves in the last quarter of 2021 but was 29% lower than the first quarter of last year.
During a recent interview, Bank of Poland President Adam Glapiński said the central bank plans to add 100 tons of gold to its reserves in 2022.
In 2018, the National Bank of Poland began aggressively adding gold to its reserves. Through the first half of 2019, the Polish central bank added more than 100 tons of gold, nearly doubling its reserves.
