Central Banks' Gold-Buying Spree Reaches 50-Year High

And as BCS Global Markets said in a note, the big range in analysts’ outlook for gold this year shows “that there is actually no consensus."

However, there is one group of global 'investors' who are waving in those bullion trucks with both hands and feet - The world's central banks...

Central banks bought last year the most gold in 47 years, with 651.5 tonnes (74% higher YoY). This is the highest level of annual net purchases since the suspension of dollar convertibility into gold in 1971...

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Additionally, Bloomberg's Javier Blas notes that the 2018 gold buying spree by central banks isn't just the biggest in 47 years, but also the second highest annual total on record (only surpassed by 1967, when central bank gold reserves increased by 1,404 tonnes).

"Heightened geopolitical and economic uncertainty throughout the year increasingly drove central banks to diversify their reserves and re-focus their attention on the principal objective of investing in safe and liquid assets," said the World Gold Council report released on Thursday.

The strong central bank and consumer demand offset ETF outflows...

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More central banks look to gold. 

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