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Central Banks Still Buying Gold
5.8.23 - Central Banks Still Buying Gold
Gold last traded at $2,021 an ounce. Silver at $25.55 an ounce.
Central Bank Gold Buying Off To A Record-Breaking Start In 2023, Led By Singapore -Zero Hedge
It may not be the off the charts gold buying observed in the second half of 2022, but central bank Central bank gold buying made a blistering start to 2023 when according to the latest report from the World Gold Council, demand for the hard currency by the world's money-printing authorities reached 228 tonnes in Q1, a 176% increase compared to the 82.7 tonnes one year ago. While lower than the figures seen in the previous two quarters this was nonetheless the strongest first quarter on record. According to the WGC, "this is all the more impressive considering it follows the record-breaking pace of demand last year."
The rolling four-quarter total soared to a record 1,224 tonnes in Q1 following massive buying in recent quarters. As with the figures for both Q3 and Q4 2022, data for the current quarter contains a significant estimate for unreported activity.
