Central Banks Are Now Buying Up 20 Percent of All the Gold Mined in the World
The Russian central bank buys out the entire Russian domestic gold production
Gold production nowadays stands at around 3,350 tons a year:
Gold mine output has flatlined over the last several years and that trend appears to be continuing in 2019. Gold production rose fractionally in 2018 by about 1% totaling 3,346.9 tons. That compared with 3,318.92 tons mined in 2017 — a modest 28-ton increase year-on-year. According to the World Gold Council’s Gold Demand Trends Q3 report, on a year-to-date basis, mine production ended the third quarter at 2,583 tons. That’s virtually identical to production levels at this point in 2018.
Of which the central banks now buy up 650 tons:
So far in 2019, central banks have purchased 547.5 tons of gold on a net basis That represents a 12% increase year-on-year. This continues a trend we saw through 2018. In total, the world’s central banks accumulated 651.5 tons 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.
Modern economists (witch doctors) tells us that gold is not money and it’s irrational to hold it. Yet 20 percent of the entire production is bought up by central bankers to simply sit in vaults.
Much of that is due to the Russian central bank which buys out the entire Russian annual gold production (of just under 300 tons), and accounts for more than 40% of all central bank purchases.
When your government tells you. You don’t need gold. Invest in gold.
“Modern economists (witch doctors) tells us that gold is not money ……” that’s very true. … because money is less worth than a roll of toilet paper when needed… gold is instead eternally and constantly the most precious asset available on this planet.. …
these are the same central banks that have been selling it over the past decade and buying s**t instead.
for example the SNB sold off tons of the yellow metal it and now owns mucho paper eg Apple common stock among others.
“Modern economists (witch doctors) tells us that gold is not money and it’s irrational to hold it. Yet 20 percent of the entire production is bought up by central bankers to simply sit in vaults.”
At least four US states have declared gold and silver to be legal tender.
South Carolina is but the latest to pass a bill declaring so.
I’m curious to know if these state-adopted policies affect state business development. Declaring gold and silver legal tender wouldn’t necessarily imply disciplined state budget spending.
My assumption is that Mr. Putin’s recent Africa trade deals means Russia has accelerated the pace on Africa oil and mining ventures.
Russia and China buys their Gold , while the US steals it all from their own people and any country that has some. One thing is certain, the people of the US will have No Gold , but their Private Central Bank and its partners will have – plenty. Venezuela’s theft of it’s Gold by Britain and the Dutch , have to go down in history as the largest – Grand Theft – Gold, off the books.