Central Bank

The Ducks Are Lining Up! . . . .

A lot of people dismiss gold and precious metals as irrelevant to the world monetary system. But how can money be irrelevant? . . . .

After Venezuela, Germany, Austria and the Netherlands prudently repatriated a substantial portion (if not all) of their physical gold held at the NY Fed or other western central banks in recent years, one month ago Turkey announced that it too has decided to repatriate its gold stored in the US Federal Reserve and deliver it to the Istanbul Stock Exchange . . . .

The combined purchases by Russia, Turkey and Kazakhstan accounted for nearly 50% of the overall net gold purchases . . . .

Turkish gold imports surged due to a sharp increase in investment demand as well as renewed Central bank purchases . . . .

Germany has the world’s second-largest gold reserves, but since the Cold War, no one has seen it on German soil. Until this weekend, when the country’s central bank, Bundesbank, put eight bars on display at its Money Museum . . . .

Hungary latest country to repatriate gold . . . .

After another disappointing trading session, one bank sees gold ending the week on a positive note, with prices possibly moving up to $1,300 an ounce if the Federal Reserve hints at weak inflation on Wednesday . . . .

Central banks are hoarding gold. China, Russia and many Asian and West Asian central banks have started accumulating gold. Now that the fashion of hoarding gold is back, let us see the fundamental reasons behind it . . . .

Large stashes are a handy weapon against currency jitters and US pressure . . . .