Gold News Hubb
Advertisement Banner
  • Home
  • News
  • Gold Mining
  • Contact
No Result
View All Result
  • Home
  • News
  • Gold Mining
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home News

Mystery whales baffle gold market after central bank purchases

admin by admin
November 3, 2022
in News


Bloomberg/Eddie Spence/11-3-2022

“A normally dry research report jolted the gold market this week, when it pointed to massive but so far unidentified sovereign buyers. Central banks bought 399 tons of bullion in the third quarter, almost double the previous record, according to the World Gold Council. Just under a quarter went to publicly identified institutions, stoking speculation about mystery buyers.”

USAGOLD note: With the amount of turmoil already evident and more uncertainty building, it should not be surprising that nation-states would move to protect their financial interests. The article mentions China and Russia as potential buyers, but one of Spence’s suggestions caught our attention – the big Persian Gulf oil exporters (Saudi Arabia, United Arab Emirates, and Kuwait). As he points out, those countries have reaped huge windfalls this year and are sitting on large piles of greenbacks received in payment for oil – not a healthy position to be in during inflationary times. For the time being, Spence’s “whales” are likely to remain a mystery, but no matter who it is, the strong central bank buying sends an important message. As Gresham summarized it, “bad money drives out good.”

Share

This entry was posted in Today’s top gold news and opinion. Bookmark the permalink.



Source link

Previous Post

Is A Global Recession Imminent?

Next Post

Economically Ignorant Americans Want More Stimmy Checks to Fight Inflation

Next Post

Economically Ignorant Americans Want More Stimmy Checks to Fight Inflation

Recommended

Brace for Impact

3 months ago

The Fed’s Great Inflation Conundrum

4 months ago

© 2022 Gold News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Gold Mining
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • News
  • Gold Mining
  • Contact

© 2022 Gold News Hubb All rights reserved.