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Foreign Central Banks Jettisoning US Debt at Alarming Pace; Buying Gold

POSTED ON May 18, 2016 - POSTED IN Key Gold Headlines
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Continuing a trend that started last year, central banks around the world are dumping US debt at a record pace.
Central banks sold off a net $17 billion in US Treasury bonds in March. Sales set a record in January, hitting $57 billion. China, Russia, and Brazil led the way, each dumping at least $1 billion in US debt in March alone.

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So far in 2016, global central banks have jettisoned $123 billion in US debt. Last year, they sold off $226 billion. According to the Treasury Department, central banks are selling US Treasuries at a pace not seen since at least 1978.
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Chinese Bank Buys Huge London Gold Vault Expanding Influence on World Gold Market

POSTED ON May 17, 2016 - POSTED IN Key Gold Headlines
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China is serious about gold and continues to expand its influence on the world gold market.

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On Monday, China’s largest bank announced the purchase of one of Europe’s biggest gold vaults. Reuters reported the sale:
ICBC Standard Bank is buying Barclays’ London precious metals vault, giving the Chinese bank the capacity to store gold worth more than $80 billion in the secret location. The vault is one of the largest in Europe, with a capacity to hold 2,000 tons of gold, silver, platinum and palladium. It has been operational since 2012. ICBC Standard Bank said on Monday it has signed an agreement to buy the vaulting business and transfer the associated contracts, subject to consent. The deal is expected to complete in July.”