The central bank gold-buying spree shows no sign of letting up as countries seek to diversify their reserves away from the US dollar.
Globally, central banks added another net 47.5 tons of gold to their reserves in September, according to the latest data from the World Gold Council.
There were no significant gold sales by central banks in September.
The World Gold Council bases its data on information submitted to the International Monetary Fund.
Turkey led the way in September adding 22.9 tons of gold to its reserves. That follows on the heels of a 41.8-ton increase in Turkish gold reserves in August.
Russia continued its pattern of consistent gold purchases in the 10-ton per month neighborhood. The Russian central bank added 11.4 tons to its reserves in September. Russia has been the number one gold-buying central bank this year and it has paid off in a big way. The Russian Central Bank’s gold reserves topped $100 billion in September thanks to continued buying and surging prices. With its latest purchases, Russia has increased its gold holdings by over 120 tons this year alone.
China added 5.9 tons of gold t its hoard in September. It was the 10th straight month of gold purchases by the People’s Bank of China. Since resuming official gold purchases late last year, the Chinese central bank has accumulated just over 100 tons of the yellow metal.
After selling gold for three straight months, Uzbekistan got back into the gold-buying business with a 6.5-ton purchase in September. The Uzbek central bank sold nearly 25 tons of gold in July and August. Uzbek central bank Governor Mamarizo Nurmuratov announced earlier this year that he planned to purchase US and Chinese sovereign debt in order to diversify the nation’s $26 billion of international reserves away from gold as the country moves out of relative economic isolation.
Other gold-buying central banks in September were:
- The Eurozone — 0.1 ton
- Greece — 0.1 ton
- Kazakhstan — 0.2 ton
- Kyrgyz Republic — 0.4 ton
- Malta — 0.1 ton
- Mexico — 0.1 tons
According to the World Gold Council, a dozen central banks have increased their gold reserves by at least 1 ton through the first eight months of 2019.
Source: SchiffGold
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