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Citigroup sees 1,000 tonne central bank demand over next two years


Bloomberg/Ranjeetha Pakiam, Misha Savic and Eddie Spence

Repost from 7-7-2021

Photo of pallettes of gold bars purchased by Hungary's central bank

“The recovery in global trade is bolstering the current accounts of emerging market nations, giving their central banks the option of buying more gold.”

USAGOLD note: Central banks and private investors buy gold for the same reasons – as a store of value and to diversify their holdings. Though the 1000-tonne projection would be a strong showing it is roughly 15% less than the record-breaking 2018-2019 two-year period. These projections reflect the latest in a trend of central bank buying that began in the wake of the 2008 financial crisis. “If a central bank is looking at diversifying,” says HSBC’s James Steel, “gold is a marvelous way of moving out of the dollar without selecting another currency.”

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