OF THE
TIMES
Does this mean that these banks literally transferred tonnes of physical gold from one place to another?Not necessarily. See link(and below):
Most banks store gold in their subterranean vaults, although some keep their physical gold in foreign reserves. For example, of its 612.45 MT, the Dutch central bank has 15,000 gold bars, or 31 percent, of its gold stock on hand. The remainder is split between two foreign banks: 31 percent is held in New York’s Federal Reserve bank and 38 percent is kept in Canada’s central bank .So that means the central bank vaults (of a nation) do not contain gold that necessarily belongs to that central bank. So the central banks buying is probably just an accounting of which "subterranean vaults" contents are owned by which central bank. And probably little gets moved(I think)...
"Many have attributed central banks' ongoing voracious appetite for gold as a key driver of its recent performance in the face of seemingly challenging conditions: namely, higher yields and US dollar strength. And despite the high bar set in the last two years, the voracious buying has continued into 2024 in the face of the renewed gold price rally...Note that the US central bank is still the leader in gold ownership(and buying over time) so this article is miss leading (I think): [Link]
The US Federal Reserve tops the list of central bank gold buyers. The US holds 8,133.46 MT of the yellow metal, more than doubling second place Germany’s number of 3,352.65 MT.Italy, France and Russia take the third, fourth and fifth spots, holding 2,451.84 MT, 2,436.97 MT and 2,332.74 MT, respectively. China and Switzerland are in the sixth and seventh positions with 2,262.39 MT and 1,040 MT.Down the list with less than 1,000 MT each are Japan (845.97 MT), India (822.58 MT) and the Netherlands (612.45 MT).
1000000000So - again I query - about the billions been wasted or given away for what - rousing a bear foolish? It is most unwise to rouse a bear - and momma bear fights to the death. Wiser minds know better. Ergo - fiat $ is now worthless even moreso.
Buffalo_Ken I agree. There are some investments out there worthy of the worry. Sprotts ETF's are one of such as they actually accumalate the physical for the fund.Peter Jennings - you must be reading my mind!
The SLV and the GLD will eventually disppear like the COMEX as they are all scams to suppress the real price.
I am always confused about gold. Does this mean that these banks literally transferred tonnes of physical gold from one place to another?