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Countries went on a gold-buying spree before coronavirus took hold -- here's why
By Drew Woodhouse
Lecturer in Economics
Sheffield Hallam University, Sheffield, England, UK
TheConversation.com, London
Thursday, May 21, 2020
The global economy was flashing danger signs long before the pandemic.
For one thing, many countries were clamouring to get hold of as much gold as possible. For the past decade they have been buying new reserves and bringing it home from overseas storage to an extent never seen in modern times. Then just before the pandemic, there was a pause.
What does all this mean?
... Dispatch continues below ...
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Central banks added 650 tons to their reserves in 2019, the second highest shift in 50 years, after the 656 tons added in 2018. Before the 2007-09 financial crisis, central banks were net sellers of gold worldwide for decades. Leading the recent spree has been China, Russia, Turkey, Kazakhstan, and Uzbekistan.
We have also seen a large effort by central banks to repatriate their gold from other countries, mostly from storage in New York and London. ...
... For the remainder of the report:
https://theconversation.com/countries-went-on-a-gold-buying-spree-before...
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