Central banks are boosting their gold reserves


"The government doesn't care about gold. ... They don't care about its price." -- Doug Casey, February 11, 2015.

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By Eddie Van Der Walt and Nicholas Larkin
Bloomberg News
Thursday, February 12, 2015

LONDON -- Central banks purchased enough gold in 2014 to buy 75 Boeing Co. Dreamliners.

Governments added 477.2 metric tons to their reserves, the second-biggest increase in 50 years and 17 percent more than a year earlier, the World Gold Council said in a report today. Based on the average price of gold in 2014, central banks probably paid about $19.4 billion. A Boeing 787-9 has a $257.1 million retail price, according to the company's website.

Central banks have added to gold reserves for the past five years, a reversal from two decades of selling since the late 1980s. Purchases will be at least 400 tons this year, according to estimates from the London-based council, which represents 17 gold producers. Total demand for gold fell last year as Chinese consumers bought less jewelry, bars, and coins. ...

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