You are here
Central bankers make rare comments in favor of bigger gold stash
By Yvonne Yue Li
Bloomberg News
Monday, October 14, 2024
Gold purchases from central banks have been a key driver in bullion’s record-smashing rally this year. But officials rarely signal ahead of time when buying is top of mind.
In a break to that form, reserve managers from the central banks of Mexico, Mongolia, and Czech Republic today sang the praises of bigger holdings. The comments provided unique insight into how they are viewing bullion, with the officials saying that gold as a percentage of their country's reserves is more likely to increase in the years ahead amid a confluence of growing geopolitical tensions and lower interest rates.
... Dispatch continues below ...
... ADVERTISEMENT ...
Fisher Precious Metals offers great prices
with personal service from a family team
Family-owned and operated Fisher Precious Metals is a great low-cost source for precious metals -- coins, rounds, and bars. But we also get you the highest prices available when you sell your precious metals.
Expect a personal approach with Fisher Precious Metals. You can always speak directly with the owners within 24 hours if not immediately. We provide you a team you can get to know and call at any time to discuss your investments with no pressure to buy.
Check our Google reviews to see what our clients have to say:
https://g.page/FisherPreciousMetals?share
Contact us at 1-800-390-8576 or Info@FisherPM.com or visit us here:
https://fisherpreciousmetals.com/
"Given the context that we are facing right now -- lower rates, your political tension, U.S. election, a lot of uncertainty -- maybe the share of gold in our portfolios could be increasing as well," said Joaquín Tapia, director of international reserves at Banco de Mexico.
Enkhjin Atarbaatar of Mongolia and Marek Sestak of Czech Republic echoed Tapia's remarks. The three officials spoke together on a panel in Miami at an annual industry conference held by the London Bullion Market Association.
"In Mongolia's case, I expect that the reserves will continue to grow, and I also expect that the share of gold in our reserves will likely increase in the future," said Atarbaatar, director general of the financial markets department at the Central Bank of Mongolia.
Sestak, deputy executive director of the risk-management department at the Czech National Bank, responded: "I completely agree as well." ...
... For the remainder of the report:
* * *
Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, November 20-23, 2024
https://neworleansconference.com/powellgata/
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
