Various Central Banks would beg to differ .....Central banks...

Various Central Banks would beg to differ .....

Central banks bought 2t of gold on a net basis in October, as decent buying was counteracted by sales from a small number of banks. This is lowest monthly total in 2021 since January’s 13t net sale. Four central banks accounted for the vast majority of additions in October. Kazakhstan was the largest purchaser, adding almost 6t, followed by India, which added 3.8t. India’s gold reserves have now increased by 71t y-t-d, setting it on course for its highest annual level of buying since 2009. Russian official gold reserves rose by 3t during the month, part of a series of 3t purchases so far this year, which we believe are likely related to coinage sales rather strategic purchases. Ireland bought 1t of gold in October, on top of the 1t purchase in September. Three central banks reported sales during October: Uzbekistan (8t), Turkey (2t), and Qatar (2t)