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Central banks are boosting their gold reserves
"The government doesn't care about gold. ... They don't care about its price." -- Doug Casey, February 11, 2015.
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By Eddie Van Der Walt and Nicholas Larkin
Bloomberg News
Thursday, February 12, 2015
LONDON -- Central banks purchased enough gold in 2014 to buy 75 Boeing Co. Dreamliners.
Governments added 477.2 metric tons to their reserves, the second-biggest increase in 50 years and 17 percent more than a year earlier, the World Gold Council said in a report today. Based on the average price of gold in 2014, central banks probably paid about $19.4 billion. A Boeing 787-9 has a $257.1 million retail price, according to the company's website.
Central banks have added to gold reserves for the past five years, a reversal from two decades of selling since the late 1980s. Purchases will be at least 400 tons this year, according to estimates from the London-based council, which represents 17 gold producers. Total demand for gold fell last year as Chinese consumers bought less jewelry, bars, and coins. ...
... For the remainder of the report:
http://www.bloomberg.com/news/articles/2015-02-12/central-banks-hungry-f...
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