Central banks buying gold

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Bolivia, Kazakhstan, Tajikistan and Thailand spent a collective $1.52bn (£942m) buying 26.7 tons of gold. However, the Mexican central bank was a seller, reducing its holding by 0.1 ton, according to data compiled by Bloomberg.

Thailand's gold reserves rose 11pc to 152.41 tons and Bolivia's bullion reserves increased 17pc to 49.34 tons. Bolivia increased its holdings by 5pc to tons and Tajikistan's bullion stockpile increased 26pc to 4.74 tons.
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The International Monetary Fund has been selling gold to boost its war chest for lending. Sales stopped in December last year.
Full report: http://www.telegraph.co.uk/finance/commodities/8858493/Central-banks-top-up-gold-reserves.html
 

DoChenRollingBearing

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Bolivia has more gold than Peru! Bummer!

Actually, about a year I was in Peru and read an article in one of their papers that wondered WHERE Peru's gold was... Nobody had done an audit, the Peruvian .gov wasn't saying, etc. Sounds like the USA and Ft. Knox!
 

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According to data from the IMF, central banks continue to be significant net buyers of gold. Mexico has added most to its reserves, with a net 83.7T of gold between January and September 2011, followed by Russia, which has added 59.3T this year, and Thailand, which has added 52.9T (see chart).



Central Bank Purchases of Gold So Far in 2011

Many market participants and non gold and silver experts tend to focus on the daily fluctuations and “noise” of the market and not see the “big picture” major change in the fundamental supply and demand situation in the bullion markets – particularly due to investment and central bank demand from China, India and the rest of an increasingly wealthy Asia.

The central banks of India and China are rightly believed to be again quietly accumulating gold and the IMF figures do not include this potentially very important and significant source of demand.
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http://www.zerohedge.com/news/centr...red-purchases-206-tons-through-september-2011
 

DoChenRollingBearing

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You can tell that they are not really "Czech" brothers because they are not drinking Pilsner Urquell. Hey just an old photo interpreter observing this...
 

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News from the Financial Times via ZH:
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Data from the Hong Kong government showed that China imported a record 56.9 tonnes in September, a sixfold increase from 2010. Monthly gold imports for most of 2010 and this year run at about 10 tonnes, but buying jumped in July, August and September. In the three-month period, China imported from Hong Kong about 140 tonnes, more than the roughly 120 tonnes for the whole 2010.
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http://www.zerohedge.com/news/china...er-gold-price-drop-imports-record-amount-gold

How do you say "tradition" in Chinese?

:gold:
 

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The Chinese basically dumped treasuries and replaced them with metals. Screw the CDS market, china doesn't want counter part risk.
 

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World's largest gold consumer India's imports this year is likely to hit the 1000 ton mark, analysts said.

According to country's leading gold body, the Bombay Bullion Association,gold imports may be between 950 metric tons and 1,000 tons this year after country's consumption rose to a record 963.1 tons last year.
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More: http://www.bullionstreet.com/news/india-all-set-to-break-1000-ton-mark-in-gold-imports/104

A significant portion of India's demand is for jewelry, not necessarily central bank or investment demand.
 

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The Central Bank of Russia has purchased 90 metric tons of gold to date in 2011 and is on course to buy 100 tons before the end of the year, deputy head of the bank Sergey Shevtsov said as quoted by the bank's press service.

The bank said earlier it would aim at buying 100 tons of gold every year and increase the proportion of gold in the country's reserves as a safeguard against volatility on the international financial markets.
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http://www.morningstar.com/advisor/...bank-aims-to-buy-100-tons-of-gold-in-2011.htm
 

pmbug

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Currency Wars - Russia Officially Adds 19.5 Tonnes of Gold Reserves in October Alone

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Market participants continue to be surprised by gold’s continuing weakness and some are even questioning gold’s safe haven status. However, the fundamentals of broad based global physical demand remain very sound as evidenced by the central bank gold buying data today.

Russia bought 19.5 metric tons of gold in October bringing their total gold reserves to 871.1 tons according to IMF data released today.

Belarus increased holdings by 1 ton, Colombia by 1.2 tons, Kazakhstan by 3.2 tons and Mexico by 0.9 ton, the data show. Germany reduced reserves by 4.7 tons and Tajikistan cut reserves by 0.4 ton, the data show.

Thus, Russia, Kazakhstan, Colombia, Belarus and Mexico added a combined 25.7 metric tons of gold to reserves in October, after gold prices corrected from record highs.
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Bloomberg reports that Kazakhstan’s assets increased 3.2 tons to 73.6 tons, Colombia’s gained 1.2 tons to 10.4 tons, Belarus expanded assets by 1 ton to 31.9 tons and Mexico added 0.9 ton to take holdings to 106.3 tons, the data show. Germany cut reserves by 4.7 tons to mint commemorative coins and Tajikistan cut 0.4 ton of gold.

Germany’s gold reserves are at 3,396.3 tons, the IMF data show. The country is the second-biggest holder after the U.S., according to the World Gold Council. A Bundesbank spokesman confirmed the sale German gold and said it was done to mint commemorative coins, which is the only reason it sold bullion during the past few years.

Central banks are expanding reserves for the first time in a generation due to unprecedented monetary and systemic risk.

Purchases may reach 450 tons this year, according to the World Gold Council. Central banks and government institutions officially bought 142 tons last year, IMF data shows.
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More: http://www.goldcore.com/goldcore_bl...y-adds-195-tonnes-gold-reserves-october-alone
 

DosZap

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Bug,

Also,A significant portion of India's demand is for jewelry, not necessarily central bank or investment demand.

That is rapidly changing, their people are switching to bars.

Also,I am sure most here know China & India alone account for 38% of TOTAL Gold purchases worldwide.India,and China are also now sucking up Silver at a ferocious pace.

The vast export of Chinese silver exports do not come from THEIR mines,it comes from tailings shipped in from overseas by the untold tons (that are SO toxic) no other nations will allow their people to extract it.
This is due to the chemicals needed to do so.

The Chinese .gub,are oblivious to losing their citizens, in the process.
 
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dontdeBasemebro

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Bug,

Also,A significant portion of India's demand is for jewelry, not necessarily central bank or investment demand.
Jewelry and investments are not entirely separate. In many cultures the wife's jewelry is their savings.
 

pmbug

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^^ Brings whole new perspective to the term gold digger. "Don't divorce me babe". :paperbag:
 

rblong2us

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Chinese govt advise gold buying - why? What is their plan?
They are apparently scared of the people getting cross with them when their paper savings goes down the plughole with all other fiats.

At odds with those cuddly, people friendly, Western Gov's then .....
 

dontdeBasemebro

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They are apparently scared of the people getting cross with them when their paper savings goes down the plughole with all other fiats.

At odds with those cuddly, people friendly, Western Gov's then .....
If the Chinese leadership is encouraging PM investments in order to avoid social unrest in their country then they are wiser than I had ever imagined. Now if we could get HR 1098 passed maybe we would have the chance to avoid that same unrest.
 

rblong2us

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If the Chinese leadership is encouraging PM investments in order to avoid social unrest in their country then they are wiser than I had ever imagined. Now if we could get HR 1098 passed maybe we would have the chance to avoid that same unrest.
Its also a smart way to build your countrys total gold holding.

In the event of a worldwide relaunch of currencies with gold backing, its probably less important who holds the gold as long as its within your country.

Ok theres a new class of wealthy but when was that ever a problem for Govs ?

The new rich will be happy to spend it and create economic activity.
 
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