Central banks just love gold and its going to stay that way says ANZ Bank

Bloomberg/Jake Lloyd-Smith, Ranjeetha Pakiam, and Abhishek Vishnoi/8-26-2019

“A major gold-buying spree by central banks is likely to persist in the coming years, according to Australia & New Zealand Banking Group Ltd., which flagged the potential for further purchases by nations including China.”

USAGOLD note:  It used to be that central banks were net sellers of gold and that tended to influence prices to the downside.  Now central banks have become net buyers as shown in the chart below:

Bar chart showing Official Sector gold sales and purchases, central banks become buyers in 2011

 

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