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John Reade @JReade_WGC
, 10 tweets, 3 min read Read on Twitter
Gold: After the news earlier that the National Bank of Poland bought a further 13 tonnes of #gold in October taking their purchases to 25t for the year, I thought I would refresh the list of central banks that had bought gold since the start of 2017:

(long-ish thread)
Kyrgyz Republic
Why are Central Banks adding #gold to their official Reserves?

Natalie Dempster who head's @GOLDCOUNCIL Central Bank and Public Policy team suggests these five reasons:

1) FX reserves are growing;
2) Strategic asset: Gold is re-emerging as a strategically important asset and countries are seeking political independence (de-dollarization);
3) US dollar hedge: The greenback is strong now, but asset valuations, the level of the US$ & budget deficits are undermining its attraction;
4) Increased demand for diversification. Higher global risks and diminished / deteriorating quality of other reserve assets (CF: Brexit, Italy);
5) Change in global trade patterns and the expected future state of the international monetary system.
I was very interested in the statement accompanying the NBH’s ten-fold increase in gold holdings a few weeks ago, citing gold as being a hedge against structural changes in the international financial system.…
This is something the research team will be focusing upon next year as it could have huge implications for the gold market – and all reserve assets”.

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