FILE PHOTO: German Bundesbank President Nagel in Frankfurt © Reuters/HEIKO BECKER
Reuters: Record central bank buying lifts global gold demand, WGC says
LONDON (Reuters) - Central banks bought a record 399 tonnes of gold worth around $20 billion in the third quarter of 2022, helping to lift global demand for the metal, the World Gold Council (WGC) said on Tuesday.
Demand for gold was also strong from jewellers and buyers of gold bars and coins, the WGC said in its latest quarterly report, but exchange traded funds (ETFs) storing bullion for investors shrank.
Gold is typically seen as a safe asset for times of uncertainty or turmoil, but many financial investors sold shares in gold-backed ETFs as interest rates rose and pushed up returns on other assets.
Offloading of bullion by ETFs helped push gold prices down 8% in the third quarter, but this price fall helped stimulate demand for jewellery, the WGC said.
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Update #1: Central banks haven't bought this much gold since 1967 (Quartz)
Update #2: Central banks buy record amount of gold in Q3 and large chunks are from unknown buyers (Kitco News)
WNU Editor: This massive buying makes one wonder on what do the Central Banks know that they are not telling us?
1 comment:
Hey, you. Better check your silver bullion stash is still safely buried in the woods....the orcs are looking for it.
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