Bloomberg News: Who Are the Mystery Buyers Responsible for Central Bank Gold Boom?

Article by Eddie Spence in Bloomberg News

Central banks bought a record amount of gold last quarter as they diversified foreign-currency reserves, with a large chunk of the purchases coming from as-yet unknown buyers.

Almost 400 tons were scooped up by central banks in the third quarter, more than quadruple the amount a year earlier, according to the World Gold Council. That takes the total so far this year to the highest since 1967, when the dollar was still backed by the metal.

Central banks including Turkey and Qatar were among recent buyers, as well as unreported purchases from institutions -- which the WGC said that although isn’t uncommon, amounted to a “substantial” estimate. Not all countries report their gold purchases regularly, including major ones like .......

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