Central Banks Net Buyers of Gold for 1st Time in 20 Years
Source: Financial Times, Jack Farchy (9/19/11)
"This is the latest sign highlighting how turbulence in the currency and debt markets has revolutionized the bullion market."
European central banks have become net buyers of gold for the first time in more than two decades, the latest sign of how the turbulence in the currency and debt markets has revolutionized the bullion market.
The purchases are minuscule compared with the size of the global gold market, but highlight a remarkable turnaround from a wave of heavy selling by European central banks. The switch from large selling to buying has helped propel the gold price more than 25% higher so far this year. . .View full article