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An article in WSJ reported 400 tons of gold were bought by assorted central banks,100 tons can be accounted for,but who bought the other 300 tons?
Speculation is either oil rich Saudi or Russia .Or even China.
It aint me,so dont point a figure at me !
Turkey, Uzbekistan and Qatar were among the biggest reported buyers in the third quarter. Undisclosed central banks bought a large chunk of gold, WGC said, without specifying the amount.
As for the mystery buyers, China is a more likely candidate than Russia.
It is not uncommon as not all official institutions publicly report their gold holdings or may do so with a lag.
The most common way for central banks to add gold to their reserves is to buy it in the Over-the-Counter (OTC) market. This simply means that a central bank buys gold directly from a bullion bank or an internationally-recognized gold refinery.
The second way for central banks to purchase gold is through the Bank of International Settlements (BIS). It’s a financial institution based in Basel, Switzerland, which literally serves as “a bank for central banksâ€.
Finally, central banks can buy locally produced gold. Of course, this mostly refers to gold-producing countries like China, Russia, Canada etc.
THANK you,I am surprised China is not on the 2021 list?
But 2022 is different,one reason which is not cited in the article is WHO WANTS TO BUY OTHER PEOPLE 'S IOU when it could be locked up for perceived wrong doing?
Russia central bank has 400 billions EU / US $ at other central banks which it cannot withdraw.
Do you think N Korea ,China,Iran or even Saudi Arabia,Iraq ,Venezuela will repeat the same mistake??
As for the saying Gold is money,everything else is credit.
We should all be buying gold,wheat,rice,lithium,platinum,copper,coal,timbe r,cobolt,uranium,even leg of lamb,beef,****ake mushroom dried,canned tuna,spam,sugar,flour,toilet paper.
It's a risk even for private owners - Executive Order 6102.
Although there is no federal law that explicitly states that the government can call in your gold, during extreme crises the government has the means to seize it whether it comes in the form of an Executive Order or a law.
As for the saying Gold is money,everything else is credit.
We should all be buying gold,wheat,rice,lithium,platinum,copper,coal,timbe r,cobolt,uranium,even leg of lamb,beef,****ake mushroom dried,canned tuna,spam,sugar,flour,toilet paper.
Yup, some people hoard whatever they can afford.
But some commodities hold the price better than others.
I have seen pictures of Argentinians sitting in their living room of an apt watching TV and under the coffee table is a Mercedes engine?
Why?
As the peso becomes worth less,rich people will pay more for their foreign imports,so hoard what appreciates in value.
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