Central banks are scooping up gold at the fastest pace since 1967, with analysts pinning China and Russia as big buyers in an indication that some nations are keen to diversify their reserves away from the dollar.Data compiled the World Gold Council, an industry-funded group, has shown demand for the precious metal has outstripped any annual amount in the past 55 years. Last month’s estimates are also far larger than central banks’ official reported figures, sparking speculation in the industry over the identity of the buyers and their motivations.The flight of central banks to gold “would suggest the geopolitical backdrop is one of mistrust, doubt and uncertainty” after the US and its allies froze Russia’s dollar reserves, said Adrian Ash, head of research at BullionVault, a gold marketplace.The last time this level of buying was seen marked a historical turning point for the global monetary system. In 1967, European central banks bought massive volumes of gold from the US, leading to a run on the price and the collapse of the London Gold Pool of reserves. That hastened the eventual demise of the Bretton Woods System that tied the value of the US dollar to the precious metal.Last month the WCG estimated the world’s official financial institutions have bought 673 tonnes. And in the third quarter alone central banks bought almost 400 tonnes of gold, the largest three-month binge since quarterly records
Full article link -
https://www.ft.com/content/e0983ebb-bbe0-4d33-8517-e19fa06e1a77?accessToken=zwAAAYVgV4L9kdPgmD67u-BNM9OFF-GfoG4adw.MEQCIF4vPyNkq1BZ8JcgZ5QqYIByXcozeHWMoiuz90IQcH3lAiAmmUtXS5TkDH-fM3Xt84gkCkuRpzkHEwjlcFW3Y0nbtQ&sharetype=gift&token=5ea01111-f141-4acc-8a0d-108a42fa48b8
Gold buyers binge on biggest volumes for 55 yearsChina and...
-
- There are more pages in this discussion • 48 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Add BC8 (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
34.5¢ |
Change
0.000(0.00%) |
Mkt cap ! $132.3M | |||
| Open | High | Low | Value | Volume |
| 34.5¢ | 35.0¢ | 33.0¢ | $548.6K | 1.610M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 129411 | 34.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 35.0¢ | 99899 | 1 |
View Market Depth
| Last trade - 16.10pm 26/07/2024 (20 minute delay) ? |
| BC8 (ASX) Chart |