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Top 10 Countries With Largest Gold Reserves

Wednesday, May 12, 2021 13:41

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by Frank Holmes, U.S. Global Investors

Central banks have been net buyers of gold for 11 consecutive years. According to World Gold Council (WGC) data, central banks around the world bought 272.9 tonnes of bullion in 2020.

Purchases last year were a whopping 60% lower than the record 668 tonnes added in 2019. The COVID-19 pandemic was a stronger driver for some central banks to sell reserves and inject liquidity into their economies. Purchasing was concentrated in the first half of the year, then turned nearly nonexistent in the third quarter and resumed in the last three months of the year.

fine.gold

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