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Strategies & Market Trends : Dino's Bar & Grill
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To: Goose94 who wrote (11650)2/13/2015 7:33:14 AM
From: Goose94Read Replies (1) of 203346
 
Central bank gold buying surged another 17% last year as countries outside of the Western hemisphere continue to stockpile the only currency with no counterparty risk.

Russia was by far the largest buyer. Its purchases made up a staggering 36% of total central bank buying. In total, central banks bought 477 tonnes of the precious metal last year of which 173 tonnes flowed into Russia, according to a report from the World Gold Council.

Interestingly, Kazakhstan - Russia's main partner in the Eurasian Economic Area (EAEA) - was the second largest central bank buyer last year, having acquired 48 tonnes.

The Kazakhstan government has imposed a ban on exporting gold and its central bank has been buying up every ounce produced in the country for the past two years.

That Russia should be acquiring gold at such a pace while its economy experiences severe stress due to sanctions and low oil prices demonstrates how Russia views gold as a vital strategic asset. This, coupled with Kazakhstan's enthusiasm for gold, leads us to wonder if gold might form the foundation of a currency agreement within the EAEA.

Notably absent from the WGC report is the presence of The People's Bank of China in the gold market. China have not made their official holdings public since 2009. It has been speculated -based on figures out of Hong Kong - that Chinese appetite for gold is being sated.
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