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Gold News: Central Banks On A Gold Buying Spree

Posted On May 8, 2018 9:43 am

Gold News: Central Banks On A Gold Buying Spree

Today in gold news, figures are in for the first quarter of 2018. During that period, central bankers were been on a buying spree. The new statistics reveal that the central banks added 116.5 tonnes of gold to their reserves in 2018 Q1, up an astounding 42% over the same period last year.

Russia bought the most gold at 41.7 tonnes, with Turkey second at 29.8 tonnes.  Regular readers will recognize these as the continuation of existing stories – we’ve covered Russia’s increasing gold stockpile many times, and Turkey most recently in this article.

Interestingly Germany had a net drop in their gold reserves, probably thanks to their latest gold coin minting program.  What do you want to bet that in the next quarter or two we see German bankers buying gold to replenish their reserves?

An increasing number of analysts see higher gold prices ahead.  Today’s featured article runs through the reasoning by GFMS analysts on their new call for higher gold prices in 2018.

 Related: Here’s What You Need to Know About GLD’s Record-Breaking Trade

Originally posted at Mike Hammer – The Gold Enthusiast

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