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David Fickling

Even Central Banks Are Buying Gold for the Zombie Apocalypse

Governments in developing economies are building up their bullion holdings as trust breaks down.

All that glitters.

All that glitters.

Photographer: Chris Ratcliffe/Bloomberg

The instruction manual for surviving a zombie apocalypse is pretty straightforward. Once you’ve kitted out your bunker with canned goods and firearms, get a supply of bullion. You’ll need it to buy bullets and bribe your way out of a death fight in Thunderdome

That’s a line of thinking you might associate with cranky gold bugs, but it’s not a million miles away from the rationale behind fund flows in the precious metals market right now — and nations are in the driving seat. Central banks bought 400 metric tons of gold in the September quarter, the World Gold Council reported this week. That’s a record inflow on a par with what they’d purchase over a whole year in normal times.