Tuesday

SPDR GLD Trust: Central Bank Bullion Buying ETF GLD In A Record High Quantity In 48 Years


The World Gold Council reported that central banks have added the highest amount of gold reserves for close to half a century over the past one year.

From October to December last year, central banks managed to purchase 534.6 tons, an increase of 17% compared to 2011.

Central banks including Brazil, South Africa, India, Russia, China and others are continuously adding gold to their reserves at alarming rates. And this is happening when several investors are holding the highest amounts of money through exchange traded products backed by gold. The GLD Price bullion gained in the 12th straight year since 2001, averaging to $1,669 per ounce.

Marcus Grubb, Managing Director of Research at the World Gold Council said that this trend of purchasing gold, highly fuelled by developing countries, will get even stronger. And the rising Priceof Gold has resulted from these countries' desire to diversify and avoid over relying on particular currencies such as the euro and the dollar.


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