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Central bankers get tired of gold as lower exports cut cash
By Camilla Naschert and Eddie Van Der Walt
Bloomberg News
Monday, August 30, 2016
The biggest owners of gold are tiring of the metal.
Central banks -- holders of about 32,900 metric tons of bullion -- cut their purchases by 40 percent during the three months through June, compared with the same period a year earlier, to the lowest since 2011, World Gold Council figures compiled by Bloomberg show. It was the third-straight quarterly drop, the longest such streak in at least five years.
Buying declined in 2016 as prices were rallying for their biggest first-half gain in 40 years. Central banks in emerging-market nations have been adding less gold as the amount of cash they get from exports declined, said John Nugee, a manager of Bank of England reserves in the 1990s.
"The flows have slowed dramatically," said Thorsten Proettel, a commodity analyst at Landesbank Baden-Wuerttemberg in Stuttgart. "This could be a very important factor for the market." ...
... For the remainder of the report:
http://www.bloomberg.com/news/articles/2016-08-29/central-bankers-get-ti...
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