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Mystery whales baffle gold market after central bank purchases
By Eddie Spence
Bloomberg News
via Yahoo News, Sunnyvale, California
Thursday, November 3, 2022
A normally dry research report jolted the gold market this week, when it pointed to massive but so far unidentified sovereign buyers.
Central banks bought 399 tons of bullion in the third quarter, almost double the previous record, according to the World Gold Council. Just under a quarter went to publicly identified institutions, stoking speculation about mystery buyers.
... Dispatch continues below ...
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While most central banks inform the International Monetary Fund when they buy gold to supplement their foreign exchange coffers, others are more secretive. Few have the capacity to undertake the third-quarter buying spree, enough to soften the blow from investors selling bullion as the Federal Reserve hiked interest rates.
"With that weight of selling, I was a bit surprised gold wasn't weaker," said Ross Norman, chief executive officer of Metals Daily, an information portal focusing on precious metals. "But I suppose now we have our answer." ...
... For the remainder of the report:
https://finance.yahoo.com/news/mystery-whales-baffle-gold-market-080001745.html
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