Irish central bank raises gold reserves by 33%, worried by inflation
Recently the Central Bank of Ireland joined the ranks of sovereign gold buyers, adding 2 tonnes of gold to its monetary gold reserves in 2 months, consisting of a tonne of gold bought in each of September and October 2021.
While in relative terms, the actual quantity of gold added by the Irish central bank was quite small, in percentage terms it was very substantial, since in August Ireland only held 6 tonnes of gold (supposedly held at the Bank of England), and as of the end of October Ireland now holds 8 tonnes of gold, i.e. a 33% increase (and a significant number for those in the know).
These latest monetary gold purchases by Ireland’s central bank are also notable because it’s not often that a central bank that is a) a Western European country, b) a Euro member country, and c) an OECD member country, buys monetary gold. In this instance, Ireland ticks the boxes on all three.
For example, during October 2021, while three of the four largest sovereign buyers of gold in the world were the notable gold aficionados namely Kazakhstan (6 tonnes), India (3.8 tonnes), and Russia (3 tonnes), the fourth, was Ireland (1 tonne), not what you would expect.
What sparked the Central Bank of Ireland to add to its monetary gold reserves is unclear, because like all Euro puppet central banks and BIS lackeys, the Irish central bank thinks that it does not need to be democratically accountable when it comes to monetary gold.
On a Need to Know Basis – And you don’t need to know!
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