Posts

Somebody’s been on a gold-buying bender. It’s not clear who — or why.

Image
  Somebody’s been on a gold-buying bender. It’s not clear who — or why. Somebody or something out there has been buying a lot of gold — 400 tons of it in the third quarter, more than $20 billion worth at today’s price.   That’s double the amount that changed hands in the second quarter, and more than quadruple that of the first quarter, all according to the  World Gold Council .  Central banks bought a quarter of it, but the rest? Nobody knows. Maybe some country or countries. But who? And why?  When Ken Kuttner worked at the New York Federal Reserve Bank back in the ’90s, he sometimes went into the basement.  “Buried deep in the Manhattan granite was a gold vault, and there were, if I remember correctly, there was 800,000 bars of gold in our basement,” he said. Marketplace Hosted by  Kai Ryssdal LATEST EPISODES Economically stressed, but still spending Nov 25, 2022 Rising rates and real estate, global edition Nov 24, 2022 Unta...
Post a Comment
Read more

Which Nations Have Been Buying Gold?

  Which Nations Have Been Buying Gold? India’s gold reserve levels are the ninth highest in the world. One of the biggest purchases of gold was in 2009 when the Reserve Bank of India  purchased  200 metric tons of gold from the International Monetary Fund (IMF), under the IMF’s limited gold sales program. This took its reserves to 537 tons. In the last five years, India has continued to add gold to its reserves, which have swelled its gold holdings from 557.77 tons at the end of 2016 to 754.1 tons at the end of 2021 with 77.45 tons bought alone in 2021. During Q1 2022, India added 6.31 tons, taking its total gold reserve holdings to 760.4 tons. Gold currently constitutes around 6.86% of its total reserves. Globally, India is among the largest importer and consumer of gold. During 2021, India imported 1,067 tons of gold, higher than 836.38 tons of imports in 2019. Rounding Up   Kazakhstan, Hungary, Thailand, Japan and Brazil round up the top ten nations. During 2...
Post a Comment
Read more