Central Banks Are on the Biggest Gold-Buying Spree in a Half Century
By Rupert Rowling and Susanne Barton
Bloomberg News
Thursday, January 31, 2019
Central banks bought more bullion last year than anytime since 1971, when the U.S. ended the gold standard.
Governments added 651.5 tons of gold to their coffers in 2018, a 74 percent increase from the previous year, according to a report from the World Gold Council.
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Russia, which is "de-dollarizing" its reserves, was the biggest buyer, followed by Turkey and Kazakhstan. Hungary also made a large purchase, citing gold's lack of counterparty risk and role as a hedge against changes in the international finance system, the WGC said.
"Central banks chose to significantly increase their gold reserves, reinforcing the importance of gold as a reserve asset," the WGC said. ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2019-01-31/gold-demand-up-amid-b... [5]
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