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Tag Archives: Central Bank

Central Banks Buy Another 40 Tons of Gold in May

Central banks added a net of 39.8 tons of gold in May, according to the latest data from the World Gold Council. May purchases maintained the pace we’ve seen through the first four months of the year and was slightly above the four-month average of 35 tons.So far in 2020, central banks have added a net of 181 tons of gold to their reserves. That’s about 31% lower than the total through the same period last year. The lower rate of purchases in 2020 was entirely expected given the strength...

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Central Banks Added Nearly 32 Tons of Gold to Reserves in April

The pace has slowed somewhat this year, but central banks are still buying gold, and the World Gold Council expects central bank demand to continue over the next 12 months.In April, central banks globally added another net 31.6 tons of gold to their reserves, despite Russia following through on its commitment to suspend its buying program.According to the World Gold Council, the lower rate of purchases was entirely expected given the strength of central bank buying both in 2018 and 2019.On...

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The Central Bank Playbook Is Played Out

The Federal Reserve launched QE infinity this week. The Fed has committed to buy an “unlimited” amount of US Treasuries and mortgage-backed securities. But that’s not all. The central bank also announced it will buy some corporate bonds for the first time ever.In effect, this is money-printing on a massive scale. And of course, pumping trillions of dollars into the economy will have ramifications. We may well be on the path to hyperinflation.But the Federal Reserve is not alone. The...

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Wyoming Considering a State Gold Depository

A bill introduced in the Wyoming House would establish a precious metals bullion depository in the state. It would not only create a safe place to store precious metals; it could also facilitate the everyday use of gold and silver in financial transactions in Wyoming and set the stage to undermine the Federal Reserve’s monopoly on money.A coalition of nine Republicans introduced HB198 on Feb. 11. The legislation would create the Wyoming Bullion Depository.“The depository is established to...

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Central Banks Continue “Remarkable” Gold-Buying Spree

Central banks continued their remarkable gold-buying spree in November and remain on pace to eclipse 2018’s near-record purchases.According to the latest numbers from the World Gold Council, central banks added 27.9 tons on a net-basis to official gold reserves in November. That brings the yearly total for 2018 with one month left to calculate to 570.2 tons, 11% higher than the same period in the previous year.In 2018, central banks purchased just over 650 tons. According to the WGC, that...

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Five Reasons to Be Bullish on Gold in 2019

Gold has rallied through the last weeks of 2019 and has pushed back above the $1,500 per ounce mark. The yellow metal is on pace to finish the year up close to 18%. And there is a lot of optimism that gold will continue to shine in 2020.As we look ahead to the new year, here are five reasons gold may well skyrocket in 2020.This bullish sentiment for gold comes from an interesting source – CCN.com – a Norwegian news site that focuses primarily on cryptocurrency news.1. Gold is set to break...

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Top 5 Precious Metals Stories of 2019: SchiffGold Friday Gold Wrap Dec. 27, 2019

Gold is finishing up 2019 with a bang, pushing back above the psychologically significant $1,500 per ounce this week. Although there are a few trading days left, gold appears set to end the year with a better than 17% gain. In the last Friday Gold Wrap podcast of 2019, host Mike Maharrey takes us through a quick overview of what he considers to be the five biggest stories of the year driving precious metals.The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s...

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Central Bank Gold-Buying Spree Expected to Continue into 2020

The central bank gold-buying spree is expected to continue into next year as countries continue to create a hedge against geopolitical risk and diversify their reserves away from the US dollar.Through October of this year, central bank gold purchases have totaled 562 tons, based on data compiled by the International Monetary Fund and reported by the World Gold Council. That puts the sector on pace to roughly match last year’s total of just over 650 tons.The World Gold Council noted that...

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Serbia Joins Central Bank Gold-Buying Spree

Seeking financial and economic safety and stability, Serbia has joined the global central bank gold-buying spree.National Bank of Serbia Governor Jorgovanka Tabakovic recently announced that the bank purchased nine tons of gold in October, raising the country’s reserves to just over 30 tons.We have completed gold purchase transactions and Serbia is safer today with 30.4 tons of gold worth around 1.3 billion euros ($1.4 billion).”Tabakovic acted on the advice of Serbian President Aleksandar...

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Gold Demand Up 3% in the Third Quarter

Gold demand was up 3% in the third quarter, coming in at 1,107. 9 tons, according to the report put out by the World Gold Council.Record inflows of gold into ETFs overcame weakness in the jewelry, and gold bar and coin markets to push overall demand higher.Gold mine output dropped slightly, but a surge in recycling drove a modest gain in supply.Gold-backed ETFs took in 258 tons of gold in Q3. ETF gold holdings reached all-time highs in September, hitting 2,808 tons. That eclipsed the...

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