Central banks buying $0.025 trillion of gold per year in a global economy of $84 trillion per year. Doesn’t seem like much to get worked up over.
Is that 92 troy tons
The buying was offset by heavy selling of gold-backed funds during the same period.////
It would have been more informative if the article specified whether the central banks were buying new mine output or just what the ETF’s were selling off.
If I had gold now I’d sell it. Six months from now it won’t be worth 2/3 its price today. The markets are rough these past weeks because there’s leftist money trying to drive them down in a failed effort to manipulate the election. That stops Tuesday next week and you can count on gold to do what it did in the mid 80’s after Reagan’s first two years.
world annual mine output
of gold is 3000 metric-tons plus.
148 tons per 3 months.
no big deal
From a technical point of view, it might be time to start nibbling on gold again.
After declining for 6 straight months, gold has put in a “triple bottom” at $1185 - that means traders have tested $1185 three times, but it has not broken through to the down side.
Gold broke out, almost straight up, about 3 weeks ago, to $1230, and the chart looks pretty solid at that level.
Based on my recent experience with food and rent prices, my “personal inflation rate” is about 20 percent!
Platinum, which is much rarer than gold and has industrial uses, is much cheaper than gold. Why aren’t they all buying platinum?
It's just a question of when?
This tells me absolutely NOTHING!
shtfplan article forthcoming
“The Central Banks are preparing for something and you should too.”
They see a sovereign debt crisis coming.