CENTRAL BANKS BUYING GOLD

central bank demand at highest level since becoming net buyers in 2010

• Central bank net purchases rose 47% y-o-y to 224.4t in Q2
• H1 2019 net purchases totalled 374.1t, the highest level since becoming net buyers in 2010
• Poland was the largest purchaser in the quarter; reserves grew by 100t (+77%)

Tonnes	Q2'18	Q2'19		YoY
Central banks & others	152.8	224.4		47%

Central bank net purchases totalled 224.4t in Q2, 47% higher y-o-y.
Total net purchases
for the first six months of 2019 rose to 374.1t: 57% higher y-o-y,
and the highest
level of y-t-d demand since central banks became net purchasers
(on an annual basis)
in 2010. Buying momentum has continued strongly from last year
 – 2018
saw the highest level of annual purchases in 50 years –
and is a clear indication of the central banking community’s
 mind-set towards gold.

Central Banks control the global economy.
They control the issue, distribution and cost of currency.

Central Banks don't buy bitcoin.  They buy gold.

You hear many cranky old analysts striving to be hip saying things like
"The kids don't even know what gold is anymore.
It's a useless barbarous relic."  

Maybe.  But the kids don't run the global central banks.
The central banks don't worry about being hip, 

or getting in on the next big thing.
They worry about solvency.  

And when rates are going negative all across the

globe, the safest CURRENCY is gold.  

Is it really still a currency?  

A) The Central Banks own it in quantity.

B) It can be changed for any other currency on demand
in every city in the world.

C) It has a stable 5000 year track record.

Yes, true, you can't buy food with it in a grocery store.
Good point.  But that's not 

why you hold it.