Gold is being stacked up10 May 2023 11:14
Courtesy of Minja on another bb :
RECORD BREAKING purchases of gold by central banks of different nations were observed during the first quarter of 2023.
The World Gold Council (WGC) disclosed this finding in its latest report, noting that demand for the metal from central banks worldwide reached 228 metric tons (MT). This was a 176 percent increase compared to the 82.7 MT from a year prior. “This is all the more impressive, considering it follows the record-breaking pace of demand last year,” the WGC said.
ZeroHedge reported that the gold purchases amounted to “the strongest first quarter on record.” It also noted that the central banks of several countries were among the buyers for that quarter.
The Monetary Authority of Singapore (MAS), which serves as the central bank for the Little Red Dot, took the No. 1 spot for its 69 MT of gold purchased this quarter. The purchase marked the first increase of its gold reserves since June 2021. The MAS now has a total of 222 MT in its gold reserves, 45 percent higher than at the end of 2022.
The People’s Bank of China (PBoC), Mainland China’s central bank, disclosed a 58 MT addition to its existing gold reserves. It has added 120 MT to its gold reserves since resuming reports of gold purchases in November 2022, for a grand total of 2,068 MT. (Related: MORE METAL: China’s public gold holdings now over 2000 tons after another huge purchase in December.)
China’s State Administration of Foreign Exchange also revealed in its April 2023 reserves data report that the country’s gold reserves rose to a record 66.76 million ounces (oz) at the end of April. China’s reserves amounted to 66.5 million oz at the end of March.
The Central Bank of the Republic of Turkey (TCMB) also saw its official reserves rise by 30 MT to a total of 572 MT, despite several sales. A sale in March, the first since November 2021, offset a combined purchase of 45 MT in January and February. The TCMB also sold 15 MT of gold into the local market following a temporary partial ban on gold bullion imports.
The Reserve Bank of India also purchased a modest seven MT in the first quarter to increase its gold reserves to 795 MT. The Czech National Bank purchased two MT, while the Central Bank of the Philippines bought one MT.
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