by Quant2011
India and Poland.
Yes, China, Russia, Turkey and Uzbekistan added a lot of gold too- but they got this gold from their own mines. They were not forced to buy that gold from other nations.
This little aspect is totally ignored by all PM experts.
All the above listed central banks bought only 1242 tonnes or 124 tonnes per year on avg.
When annual gold supply is over 4000 tonnes , such demand is too weak to lift the price.
Only serious demand from countries who are largest holders of fiat assets: USA, China, Japan, Switzerland, Norway, Germany, Korea would lead to substantial increase of global gold demand.
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