Bloomberg/David Fickling/11-6-2022

“Governments in developing economies are building up their bullion holdings as trust breaks down. … Central banks bought 400 metric tons of gold in the September quarter, the World Gold Council reported this week. That’s a record inflow on a par with what they’d purchase over a whole year in normal times.”

USAGOLD note: After a typically erroneous and demeaning description of gold buyers (which you can safely skip over), Fickling settles into the heart of the matter. If there is a whale or whales buying gold, who is it, and what is their rationale? He goes on to offer considerable detail on some of the top candidates and the possible rationale behind their acquisitions.