Central Bank Gold Buying Is “Sustainable and Indeed May Accelerate”

Source: World Gold Council


◆ Why central banks including China and Russia will keep buying gold due to concerns about the outlook for currencies, including the dollar and the euro, Mark O’Byrne, Research Director of GoldCore told Marketwatch

◆ While the gold tonnage demand from central banks in recent months has been significant and near records, gold remains a tiny fraction of most central banks’ massive foreign-exchange reserves,” O’Byrne says, adding that the trend is “sustainable and indeed may accelerate”

◆ “Price is not the determining factor in central bank buying—rather, [the banks] are more likely being guided to secure an allocation of a percentage of their overall foreign-exchange reserves in gold bullion,” says O’Byrne. The central bank diversification and hedging are likely to support gold at these levels and could be a driver of higher prices in the coming months, he says

◆ “The risk of the trade war descending into a currency war may also be feeding central bank diversification into gold”

Read the full article on Barron’s and Marketwatch



NEWS and COMMENTARY

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Gold settles at a more than a 1-week high as historic oil outage rattles investor nerves

$1,500 is the new floor for gold prices, says Kinross CEO

Gold & silver rally as investors seek safe havens amid global uncertainty

Expectations suddenly are rising that the Fed might not cut interest rates this week

Trump says he’s in no rush to respond to the attacks on Saudi oil facilities

Trump says U.S. reaches trade deals with Japan, no vote needed

China Gold are looking for “acquisition opportunities quite aggressively”


Gold Prices (LBMA – USD, GBP & EUR – AM/ PM Fix)

16-Sep-19 1502.05 1497.20, 1207.35 1203.30 & 1357.25 1359.46
13-Sep-19 1506.30 1503.10, 1209.41 1208.19 & 1356.88 1358.35
12-Sep-19 1502.95 1515.20, 1219.94 1227.46 & 1362.88 1373.53
11-Sep-19 1493.65 1490.65, 1208.21 1209.07 & 1354.74 1355.90
10-Sep-19 1494.60 1498.25, 1211.52 1211.34 & 1353.51 1357.11
09-Sep-19 1509.95 1509.20, 1223.81 1220.34 & 1368.62 1364.92
06-Sep-19 1504.95 1523.70, 1223.52 1237.09 & 1363.94 1378.49
05-Sep-19 1542.60 1529.10, 1257.06 1238.72 & 1397.44 1380.78
04-Sep-19 1538.80 1546.10, 1265.05 1269.97 & 1397.69 1403.86


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Mark O'Byrne

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