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Central banks continue to gobble up gold driven by an effort to minimize exposure to the U.S. dollar, especially by countries like Russia and China… Globally, the world’s central banks added another 36.4 tons [tonnes] offset by Uzbekistan which sold 22.4 tons of gold in July for a net total of 13.9 tons [tonnes] of gold.
This excerpt from the original article by Peter Schiff has been edited ([ ]) and abridged (…) for the sake of clarity and brevity.
…The usual suspects continue to lead the gold-buying spree, with Russia adding another 12.2 tons [tonnes] of gold to its reserves. That pushes its purchases on the year to just over 106 tons [tonnes]. China boosted its hoard by another 10 tons [tonnes]. It was the eighth straight month of gold purchases for the People’s Bank of China. Other gold-buyers in July were:
- EBC – 0.2
tons[tonnes] - Greece – 0.1
ton[tonne] - Kazakhstan – 4.6
tons[tonnes] - Kyrgyz Republic – 0.4
ton[tonne] - Malta – 0.1
ton[tonne] - Mongolia – 1.1
tons[tonnes] - Serbia – 0.1
ton[tonne] - Turkey – 6.6
tons[tonnes] - The United Arab Emirates – 1.0
ton[tonne]
According to the World Gold Council, a dozen central banks have increased their gold reserves by at least 1 ton [tonne] through the first 7 months of 2019 [which is] a trend we saw through 2018. In total, the world’s central banks accumulated 651.5 tons [tonnes] of gold last year. The World Gold Council noted that 2018 marked the highest level of annual net central bank gold purchases since the suspension of dollar convertibility into gold in 1971, and the second-highest annual total on record.