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Central banks bought most gold in 48 years -- and bullish trend should continue - Wealth Managers

January 16,2013


GFMS predicts 280 more tons will be purchased this year

Central banks added 536 metric tons of gold to reserves last year, the most in 48 years, and will buy another 280 tons in this year's first half, Thomson Reuters GFMS said.

Purchases increased by 17 percent in 2012 and buying in the first half will be 1.2 percent higher than in the year-earlier period, the London-based researcher said today in a report. Gross buying increased to 553 tons last year and gross sales fell for a fifth consecutive year to 17 tons, GFMS said.

Nations from Brazil to Iraq to Russia are buying metal to add to official reserves. GFMS said the figures don't include the increase in reserves reported by Turkey, which has been accepting gold in its reserve requirements from commercial banks.

"With continued monetary loosening in advanced economies, demand for gold as a reserve asset from developing countries will remain strong in 2013," GFMS, a unit of Thomson Reuters Corp., said in the report.



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