>Gold buying by central banks hits its highest level in almost three >years
>Central banks around the world have upped their spending on gold >to the highest level in almost three years, according to the World >Gold Council (WGC).
>More than 148 metric tons of gold were bought by the national >banks in the three months to the end of September, a rise of 22 >percent on the same period last year.
Using the current spot price of $1,223 per troy ounce, the gold purchases by the banks added up to a $5.82 billion spending splurge on the precious metal.
Russia's central bank led the buying, purchasing more than 92 tons of gold. This marked the country's biggest quarterly net purchase on records that stretch back to 1993.
>While all eyes are on the oil price and the ruble to dollar rate, the >Central Bank of Russia has quietly been buying huge volumes of >gold over the past year. In January, 2016, the latest data available, >the Russian Central Bank again bought 22 tons of gold, around >$800 million at current exchange rates, that, amidst US and EU >financial sanctions and low oil prices. It was the eleventh month in >a row they bought large gold volumes. For 2015 Russia added a >record 208 tons of gold to her reserves compared with 172 tons for >2014. Russia now has 1,437 tonnes of gold in reserve, the sixth >largest of any nation according to the World Gold Council in >London. Only USA, Germany, Italy, France and China central >banks hold a larger tonnage of gold reserves.
>Only slightly smaller volumes of gold are being bought in past >months by China. And a significant monthly addition to its gold >reserve is being made as well by Kazakhstan. For the past forty >months, Kazakhstan, has been increasing its central bank gold >reserves. Kazakhstan along with Russia is a member of the >Eurasian Economic union along with Belarus, Armenia and >Kyrgyzstan. Belarus ghas also been increasing its bullion reserves.