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They keep digging up more of the stuff. Not sure why though. It's not used for anything other than sitting there looking pretty.i've found it weird, over the years, reading the experts state that all major countries have been stocking gold for decades
why don't they own it all by now?
well, not ours, of course...but, how can it be, everyone's stocking gold like it's going out of style yet there's still plenty to be procured?
i have trouble with stories like this, and there are a lot of them
I didn't watch the video - have no idea what he is using the support the claim in the title, but the World Gold Council says central banks bought an estimated ~400t last quarter:... i have trouble with stories like this, and there are a lot of them
You are forgetting those two markets are manipulated to maintain the usd (small type intended) as the World's Reserve Currency.well, not ours, of course...but, how can it be, everyone's stocking gold like it's going out of style yet there's still plenty to be procured?
i have trouble with stories like this, and there are a lot of them
don't have to watch it, just check the 'more' bit under the videoI didn't watch the video - have no idea what he is using the support the claim in the title, but the World Gold Council says central banks bought an estimated ~400t last quarter:
Two news stories from today:Gold wrapped up the year with the biggest loss in six years, and analysts point to a lack of investor interest as one of the key triggers behind the precious metal's underperformance in 2021. ... GLD saw its biggest annual outflow in nearly a decade, losing...www.pmbug.com
Reading between the lines the WGC is part of manipulating the price of gold. IMORonan Manly dissects the WGC report:
World Gold Council claims that central bank gold buying is at a record high. But when you look at the numbers, this claim cannot be verified.www.bullionstar.com
I'm saying the current WGC does not have their membership's best interest in mind or they would expose the issue(s) of this pencil whipping Gold and Silver are exposed too .So your theory is that gold miners want to suppress the price of gold so that they make less money?
It's a tale of two gold markets. I don't think central banks are buying gold futures on the open market. Last I heard, they buy physical directly from miners if they aren't buying directly from another central bank. If that's true, their buying activity won't directly impact paper gold markets (though it would contribute to the dwindling stocks in COMEX and LBMA vaults).....its a bit scary to think this was a record central bank gold buying year and the price action has been a bit negative........
When Gordon Brown sold British gold reserves in ~2000 it pushed gold prices down to approximately ~250$ so to discount the possibility of central bank buying/selling affecting markets in my opinion is nearsightedIt's a tale of two gold markets. I don't think central banks are buying gold futures on the open market. Last I heard, they buy physical directly from miners if they aren't buying directly from another central bank. If that's true, their buying activity won't directly impact paper gold markets (though it would contribute to the dwindling stocks in COMEX and LBMA vaults).
Great minds think alike. I need a set.Nice grille, Buck.
Central banks bought a further 50 tonnes on a net basis during November 2022, representing a 47% increase from October’s (revised) 34 tonnes, the latest World Gold Council data shows.
Of this net total, three central banks accounted for gross buying of 55 tonnes, while two largely contributed to gross sales of 5 tonnes, showing the strength of demand, says WGC.
The biggest announcement of the month came from the People’s Bank of China (PBoC), which reported an increase of 32 tonnes, the largest reported purchase in November and the first announced increase in its gold reserves since September 2019.
This announcement is significant – according to the WGC – given China’s historic position as a large gold buyer, having accumulated 1,448 tonnes between 2002 and 2019. It remains to be seen whether this is followed up with reports of continued buying in December. At the end of November, PBoC gold reserves stood at 1,980 tonnes (3.4% of total reserves).
The Central Bank of Türkiye continued to buy gold in November, adding a further 19 tonnes to its official reserves (central bank plus Treasury). This lifts its year-to-date net purchases of gold to 123 tonnes – the largest reported by any country – and its official gold reserves to 517 tonnes (27% of total reserves).
Central banks bought a further 50 tonnes on a net basis during November 2022, representing a 47% increase from October's (revised) 34 tonnes, the latest World Gold Council data shows.www.mining.com
Gold is money. I read that somewhere.
Gold is only money as long as people in power regard it as such. At the end of the day, it is an element with very good workability and excellent electrical conductivity. Is it really any different than diamonds, whose value is artificially maintained by a select consortium?
Opinion: Central banks are buying gold at the fastest rate in half a century
Here’s another reason why it may not be completely insane to add some gold bullion to your 401(k) or retirement account.
Central banks are stocking up.
Three economists—Serkan Arslanalp and Chima Simpson-Bell at the International Monetary Fund, and Barry Eichengreen at UC Berkeley—have published a new report pointing out that gold, far from being on the way out as an international reserve currency, has been coming back in.
“Central bank gold holdings have risen since the Global Financial Crisis (of 2008-9),” they write. Central banks have been stockpiling bullion over the past 15 years, more than making up for the net sales of the previous decade. Central banks worldwide bought more gold in the third quarter of 2022 than in any other quarter in 55 years, they report.
Mainstream financial news is starting to pay attention...
More (long and decent read):
Demand for gold surged to its highest in more than a decade in 2022, fuelled by "colossal" central bank purchases that underscored the safe haven asset's appeal during times of geopolitical upheaval.
Annual gold demand increased 18% last year to 4,741 tonnes, the largest amount since 2011, driven by a 55-year high in central bank purchases, according to the World Gold Council, an industry-backed group.
Central bank purchases of gold hit 417 tonnes in the final three months of the year, roughly 12 times higher than the same quarter a year ago. It took the annual total to more than double of the previous year at 1,136 tonnes. ...