Central Banks Step Up Gold Buying.
From 2017 through mid-2018, the central banks of Russia and Kazakhstan bought the bulk of gold purchased by central banks. By the end of 2018, the People’s Bank of China, India, Poland, Argentina, China, India, Iraq, Iran, Hungary, Kyrgyz Republic, Poland, Thailand, the Philippines and Turkey had joined them in buying gold. By end of 2018 central banks had bought the most gold in 2018 since 1967. Many central banks that hadn’t bought gold for years or even decades.
Last year 12% of all central banks added gold to their reserves. The central bank of Western Europe, the United States, Canada, Australia and Japan have not added gold for decades. Over 100 central banks in the world have some gold in their reserves.
Bloomberg recently reported that global debt has reached $244 trillion which is more than three times the size of the global economy. Given this profligacy, it is no wonder central banks are solidifying their reserves by adding gold.
Here are the top eight countries that have added gold over the June 2018 – June 2019 period:
The Central Bank of Russia added a record 272 tons of gold to reserves in 2018. The Central Bank of Russia has added 279 tons of gold from June 2018 through June 2019. Russia’s total gold reserves stand at 2,218, the fifth largest gold reserves among central banks.
Poland made a series of monthly purchases from July – October 2018 totalling 26 tons and a 95 ton purchase in June. During the twelve month period of June 2018 – June 2019, the Central Bank of Poland has added 121 tons of gold, second only to Russia. Prior to 2018, Poland only added nominal amounts of gold during the past few years. The last large gold purchase Poland made was in March 2012 when it added 32 tons. Poland’s gold reserves now stand at over 228 tons.
The People’s Bank of China stopped added gold to reserves in October 2016 and began adding again in December of 2018. Since December 2018 through June The PBOC has added 84 tons, bringing its total to 1,926 tons of gold.
The Central Bank of Turkey added 73 tons of gold from June 2018 – June 2019
After not adding gold for ten years Indian has been adding monthly with sixty tons acquired from June 2018 – June 2019. Indian gold reserves currently stand at 620 tons.
The Central Bank of Kazakhstan has been adding gold to reserves every month for nearly six years! Kazakhstan added 52 tons of gold to reserves in 2018 and has added 58 tons from June 2018 through June 2019.
The Central Bank of Uzbekistan bought or sold gold each month from June 2018 – June 2019 with net purchases of 15 tons of gold. Uzbekistan has 352 tons of gold in reserves.
The central bank of Mongolia has also been active buying gold, adding 12.4 tons from June 2018 – June 2019
Global Gold Reserves
Add gold to your own reserves at BGASC.com:
This article by BGASC is not, and should not be regarded as, investment advice or as a recommendation regarding any particular course of action.