Gold Buying by Central Banks Reaching a Fever Pitch

Gold bars, gold chart
Written by Mike Hammer

Gold buying by central banks seems to have reached a fever pitch. China announced they added another 10.3 tonnes in June; this on top of the 73+ tonnes they added over the previous 6 months.  Poland – not a name often mentioned by The Gold Enthusiast – claimed last week that they doubled the gold held by their central bank, claiming the #1 spot in central Europe. And perhaps more telling, Poland also announced plans to repatriate 1/2 of the country’s gold, bringing physical bars back to Poland.

This means both Poland and Hungary are now controlling most of their own physical gold, which Euro-currency members can’t do. Today’s featured article discusses what stresses this puts on the EU and London’s long-time control of the physical gold market.

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About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as continuing themes. Mike graduated with a business degree and spent years as a financial advisor, before moving to New York and to pursue a career in IT and education. For more than a decade Mike has been working with the Adam Mesh Trading Group as a stock market and commodities mentor. He’s trained over 200 individuals, spoken at several national conventions, and is a frequent contributor to educational webinars.

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 keeps him in touch with "the student mindset".

Mike focuses on the precious metals markets, the energy industry, and the financial sector. His motto is "Plan your trade, then trade your plan!"

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