CENTRAL BANKS ON GOLD BUYING SPREE
SECOND LARGEST YEAR ON RECORD
Featured - New Carolin Gold - LAD TSX.V / LADFF OTCBB
Todays Spot Gold Price  High Demand With Dwindling Supply - Up and Away ! The Mining Speculator Report On - LAD TSX.V Central banks bought more bullion last year than anytime since 1971, when the U.S. ended the gold standard. Governments added 651.5 tons of gold to their coffers in 2018, a 74 percent increase from the previous year, according to a report from the World Gold Council. Top Miner Russia, which is "de-dollarizing" its reserves, was the biggest buyer, followed by Turkey and Kazakhstan. Hungary also made a large purchase, citing gold’s lack of counterparty risk and role as a hedge against changes in the international finance system, the WGC said. “Central banks chose to significantly increase their gold reserves, reinforcing the importance of gold as a reserve asset,” the WGC said. Greg McCoach On New Carolin Gold Central banks are expected to acquire an additional 600 tons this year, according to the consulting firm Metals Focus Ltd. The buys, which will help the banks diversify their foreign-exchange assets in a time of extraordinary political volatility, signal a growing confidence in the metal’s value moving forward. Newmont Merger - Spotlight On Gold Stocks The banks "were not net buyers even a decade ago," said Juan Carlos Artigas, director of investment research at the WGC, in a telephone interview. "As their foreign reserves expand, they are increasingly diversifying away from pure dollar exposure." Slowing global growth, a weaker U.S. dollar and a drive by central banks to expand the amount of gold they hold could be a winning trifecta for investors seeking a recovery in the metal’s price after its first annual loss in three years. Gold prices ended 2018 little changed, but rallied toward the end of the year amid concerns about Brexit, a falling stock market and expectations for a less aggressive U.S. monetary policy. The trend has continued this month, with bullion climbing to the highest since May.
About WallStreetResearcher.com : WallStreetResearcher.com is a subsidiary of Target Publishing Inc, and is a leading publisher of todays market and investment news, commentary, proprietary research and videos from seasoned journalists, analysts and contributors covering the financial markets and global economies. Leveraging our extensive distribution network and social media presence, we have cultivated a valuable audience of engaged market enthusiasts, which in turn delivers a variety of unique opportunXities for industry partnerships, corporate communications, market exposure and investment. The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility |