gata.org / From the Official Monetary and Financial Institutions Forum, London / September 19, 2016
Seven Ages of Gold
Central banks are turning back to gold purchases in line with a century of practice between 1870 and 1970. This has restored the yellow metal as a central element of monetary management after four decades of attempted demonetization, according to a new report from the Official Monetary and Financial Institutions Forum.
Annual net gold purchases of 350 tonnes a year by world central banks over the past eight years have returned to the 100-year average up to 1970 — reflecting the metal’s renewed attractiveness as a safe haven asset in an environment of uncertainty and low or negative interest rates.
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