{"id":52470,"date":"2020-04-14T07:52:29","date_gmt":"2020-04-14T12:52:29","guid":{"rendered":"https:\/\/olduvai.ca\/?p=52470"},"modified":"2020-04-14T07:52:34","modified_gmt":"2020-04-14T12:52:34","slug":"central-banks-add-more-gold-to-their-reserves","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=52470","title":{"rendered":"Central Banks Add More Gold to Their Reserves"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/schiffgold.com\/key-gold-news\/central-banks-add-more-gold-to-their-reserves\/\">Central Banks Add More Gold to Their Reserves<\/a><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/1mo0o3e03f7c59k045fwasgb-wpengine.netdna-ssl.com\/wp-content\/uploads\/2020\/03\/gold-vault.jpg\"><img decoding=\"async\" src=\"https:\/\/1mo0o3e03f7c59k045fwasgb-wpengine.netdna-ssl.com\/wp-content\/uploads\/2020\/03\/gold-vault-1024x575.jpg\" alt=\"\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Central banks continued their gold-buying spree in February, although the pace of gold purchases has slowed compared to last year\u2019s near-record purchases.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On net, central banks globally added another 36 tons of gold to their reserves in February, according to&nbsp;<a target=\"_blank\" href=\"https:\/\/www.gold.org\/goldhub\/gold-focus\/2020\/04\/central-banks-demand-creeps-higher-february\" rel=\"noreferrer noopener\">the latest data released by the World Gold Council<\/a>. That was about 33% higher than January\u2019s total.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On the year, central banks have bought 64.5 tons of gold. That compares to 116 tons through the first two months of 2019.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Central bank demand came in at 650.3 tons in 2019. That was the second-highest level of annual purchases for 50 years, just slightly below&nbsp;<a href=\"https:\/\/schiffgold.com\/key-gold-news\/global-gold-demand-grew-by-4-in-2018\/\">the 2018 net purchases of 656.2 tons<\/a>.&nbsp;According to the WGC, 2018 marked the highest level of annual net central bank gold purchases since the suspension of dollar convertibility into gold in 1971, and the second-highest annual total on record.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The World Gold Council bases its data on information submitted to the International Monetary Fund.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Turkey continued to be the biggest gold-buyer. The Turks added another 24.8 tons to their reserves in February.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Russia further increased its stockpile of yellow metal, adding another 10.9 tons to their hoard.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Russia\u2019s quest for gold has paid off in a big way. The&nbsp;<a href=\"https:\/\/schiffgold.com\/key-gold-news\/russias-gold-bet-paying-off-reserves-top-100-billion\/\">Russian Central Bank\u2019s gold reserves topped $100 billion<\/a>&nbsp;in September 2019 thanks to continued buying and surging prices.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Russians have been buying gold for the last several years in an effort to diversify away from the US dollar.\u00a0\u00a0Russian gold reserves\u00a0<a href=\"https:\/\/schiffgold.com\/key-gold-news\/global-gold-demand-grew-by-4-in-2018\/\">increased\u00a0274.3 tons in 2018<\/a>, marking the fourth consecutive year of plus-200 ton growth. Meanwhile, the\u00a0<a href=\"https:\/\/schiffgold.com\/key-gold-news\/russia-dumping-us-treasuries-buying-gold\/\">Russians sold off nearly all of its US Treasury holdings<\/a>. According to Bank of America analysts,\u00a0 the amount of US dollars in Russian reserves fell from 46% to 22% in 2018.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Central Banks Add More Gold to Their Reserves Central banks continued their gold-buying spree in February, although the pace of gold purchases has slowed compared to last year\u2019s near-record purchases. On net, central banks globally added another 36 tons of gold to their reserves in February, according to&nbsp;the latest data released by the World Gold [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[124,374,647,18779,1988],"class_list":["post-52470","post","type-post","status-publish","format-standard","hentry","category-economics","tag-central-banks","tag-gold","tag-precious-metals","tag-schiffgold","tag-world-gold-council"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52470","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52470"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52470\/revisions"}],"predecessor-version":[{"id":52471,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52470\/revisions\/52471"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52470"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}