http://illuminatisilver.comhttp://facebook.com/illuminatisilverCentral Banks Gold Buying Slows Down but is still positive
Today is Thursday 24th November 2016 and we are looking at Central Bank purchases of gold, its trends and what it means for precious metal buyers.
We are all aware of the statement – ‘don’t listen to what they say just watch what they do’ or ‘never mind the rhetoric watch the action.’ Well this certainly applies to the Central Banks purchases of gold.
In 2012, gold-buying from central banks rose 17% year-over-year to 534.6 tonnes. As the price of gold fell in 2013, central banks hoarded an additional 409.4 tonnes. By the end of 2013, central banks held approximately 30,500 tonnes of gold, or around one-fifth of all the gold ever mined.
This again increased in 2014 as Central banks around the world purchased 584.9 tonnes of gold.
In 2015, their reserves increased by another 566.7 tonnes and up until the first half of this year, that trend continued. In the first quarter of 2016, they bought 108.2 tonnes of gold. In the second quarter, they added another 76.9 tonnes.
The World Gold Council has recently reported that in the third quarter of 2016;
“Central Bank net purchases fell 56% year-on-year to 81.7t, from 168t. Year-to-date, central banks have purchased 271.1t, lagging the 407.7t for the same period in 2015. Nonetheless, gold remains a significant – and gradually rising – part of total central bank reserves, currently accounting for more than 13%.”
Please try and remember that you are buying for the long term, otherwise you may as well join the other speculators and trade the paper. The one thing we certainly appreciate and that is, if its good enough for the Central Banks, then it should be good enough for us.
For those who are celebrating today Happy Thanksgiving.
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