Gold News: Central Banks On A Gold Buying Spree

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Today in gold news, figures are in for the first quarter of 2018. During that period, central bankers were been on a buying spree. The new statistics reveal that the central banks added 116.5 tonnes of gold to their reserves in 2018 Q1, up an astounding 42% over the same period last year.

Russia bought the most gold at 41.7 tonnes, with Turkey second at 29.8 tonnes.  Regular readers will recognize these as the continuation of existing stories – we’ve covered Russia’s increasing gold stockpile many times, and Turkey most recently in this article.

Interestingly Germany had a net drop in their gold reserves, probably thanks to their latest gold coin minting program.  What do you want to bet that in the next quarter or two we see German bankers buying gold to replenish their reserves?

An increasing number of analysts see higher gold prices ahead.  Today’s featured article runs through the reasoning by GFMS analysts on their new call for higher gold prices in 2018.

 Related: Here’s What You Need to Know About GLD’s Record-Breaking Trade

About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as a continuing theme. Mike graduated with a business degree, then worked with Macy's. After Macy's he spent a summer trading his own account, which taught him a lot about trading in general and markets in particular. Trading through the Black Monday and the Crash of 1987 showed him how most people are unprepared for upheavals in their trading. He then joined a well-known financial planning firm as a financial advisor, helping regular people understand their finances and meet their life goals.

Then came the usual story - Mike met and married the lady of his dreams. They moved to upstate New York, where he worked first for a small manufacturing consulting company, then a major university. While loving the work and the higher-education atmosphere, Mike missed the world of finance. Eventually, he signed up for stock trading coaching with the Adam Mesh Trading Group, to learn from people who understood modern markets. Within a year, Adam asked Mike to become a stock trading coach.

Since then, Mike has trained over 200 individuals, spoken at several national conventions, and is a frequent contributor to conference calls across the Adam Mesh community. Mike writes The Gold Enthusiast daily newsletter, runs the Golden Hammer trading service, and participates in the Mesh Private Portfolio. He also keeps a position in international education which keep him in touch with "the student mindset". Mike closely follows the gold, energy, and financial sectors. His motto is "Plan your trade, then trade your plan!"

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