Central Banks
Who Are The Mystery Buyers Responsible For Central Bank Gold Boom?
- Purchases from central banks hit a record last quarter: WGC
- That included a ‘substantial’ amount of unreported buying
This article is for subscribers only.
Central banks bought a record amount of gold last quarter as they diversified foreign-currency reserves, with a large chunk of the purchases coming from as-yet unknown buyers.
Almost 400 tons were scooped up by central banks in the third quarter, more than quadruple the amount a year earlier, according to the World Gold Council. That takes the total so far this year to the highest since 1967, when the dollar was still backed by the metal.