Central bank demand for gold has continued at a heightened level for yet another month, with the latest figures from the World Gold Council confirming a robust pace of purchases for the month of September.
In what has become a very clear and sustained pattern of acquisitions, the People’s Republic of China was once again the largest net purchaser with 26 tonnes added to its national vaults. It is the number one buyer of gold this year, with almost 200 tonnes of gold added to its reserves since January.
Several other emerging markets are also following in China’s footsteps as many nations seek to reduce their reliance on the U.S. dollar. Poland, Uzbekistan, India and Turkey all added notable volumes of gold to their vaults in September.
We have seen central banks grow their gold holdings consistently since last November, with that trend almost certain to continue for the remainder of the year. With experts suggesting that investors should mirror central bank activity when it comes to gold purchases, now is the time to make your move. Buy gold now.
