{"id":64074,"date":"2022-11-09T07:47:09","date_gmt":"2022-11-09T12:47:09","guid":{"rendered":"https:\/\/olduvai.ca\/?p=64074"},"modified":"2022-11-09T07:47:09","modified_gmt":"2022-11-09T12:47:09","slug":"gold-establishment-supports-central-bank-secrecy-instead-of-exposing-it","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=64074","title":{"rendered":"Gold Establishment Supports Central Bank Secrecy instead of Exposing it"},"content":{"rendered":"

Gold Establishment Supports Central Bank Secrecy instead of Exposing it<\/a><\/h3>\n
\n

This week, the World Gold Council (WGC), which is a gold market development organization representing\u00a032<\/a>\u00a0of the world\u2019s gold mining companies, published the latest quarterly edition of it\u2019s well-known \u201cGold Demand Trends\u201d research publication.<\/p>\n

In the latest edition, which is titled \u201cGold Demand Trends Q3 2022\u201d, the World Gold Council\u00a0claims that<\/a>\u00a0during Q3 2022, \u201ccentral banks continued to accumulate gold, with purchases estimated at a\u00a0quarterly record of nearly 400 tonnes.<\/u><\/em>\u201d<\/p>\n

And for my Next Trick<\/strong><\/p>\n

According to<\/a>\u00a0the WGC:<\/p>\n

\u201cGlobal\u00a0central bank purchases\u00a0leapt<\/strong>\u00a0to almost 400 tonnes in Q3<\/u>\u00a0(+115% q-o-q). This is\u00a0the largest single quarter of demand from this sector in our records back to 2000<\/u>\u00a0and almost double the previous record of 241t in Q3 2018.<\/em><\/p>\n

It also marks the eighth consecutive quarter of net purchases and lifts the y-t-d total to 673 tonnes,\u00a0higher than any other full year total since 1967.<\/u><\/em>\u201d<\/p>\n

Specifically, the World Gold Council claims that Q3 2022 central bank gold demand was 399.3 tonnes, which is a massive 340% higher than Q3 2021.<\/p>\n

\"\"
The infamous 399.3 tonnes of gold in question \u2013 Source WGC GDT Q3 2022<\/strong><\/figcaption><\/figure>\n

Sounding impressive enough, the world\u2019s financial media not surprisingly ran with the soundbite, publishing articles with headlines such as \u201cRecord central bank buying lifts global gold demand, WGC says<\/em><\/a>\u201d and \u201cCentral bank gold purchases set an all-time high<\/em><\/a>\u201d and \u201cCentral banks are buying gold at the fastest pace in 55 years<\/em><\/a>\u201d.<\/p>\n

Until that is, you read a bit further and see that the World Gold Council added a caveat for Q 3 2022 central bank gold demand, saying that for \u201cQ3 net demand\u00a0includes a substantial estimate for unreported purchases<\/u><\/strong><\/em>\u201d.<\/p>\n

\"\"
Rabbit out of a Hat \u2013 Central bank gold demand data?<\/strong><\/figcaption><\/figure>\n

Wait, what was that? The Q3 gold buying from central banks includes \u201ca substantial estimate for unreported purchases<\/em>\u201d?…<\/p>\n

\u2026click on the above link to read the rest\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Gold Establishment Supports Central Bank Secrecy instead of Exposing it This week, the World Gold Council (WGC), which is a gold market development organization representing\u00a032\u00a0of the world\u2019s gold mining companies, published the latest quarterly edition of it\u2019s well-known \u201cGold Demand Trends\u201d research publication. In the latest edition, which is titled \u201cGold Demand Trends Q3 2022\u201d, […]<\/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":[23619,647,21499,1056,2084,1988],"class_list":["post-64074","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bullionstar","tag-precious-metals","tag-ronan-manly","tag-statistical-manipulation","tag-statistics","tag-world-gold-council"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64074","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=64074"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64074\/revisions"}],"predecessor-version":[{"id":64075,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64074\/revisions\/64075"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=64074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=64074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=64074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}