Central bankers get tired of gold as lower exports cut cash

Section:

By Camilla Naschert and Eddie Van Der Walt
Bloomberg News
Monday, August 30, 2016

The biggest owners of gold are tiring of the metal.

Central banks -- holders of about 32,900 metric tons of bullion -- cut their purchases by 40 percent during the three months through June, compared with the same period a year earlier, to the lowest since 2011, World Gold Council figures compiled by Bloomberg show. It was the third-straight quarterly drop, the longest such streak in at least five years.

Buying declined in 2016 as prices were rallying for their biggest first-half gain in 40 years. Central banks in emerging-market nations have been adding less gold as the amount of cash they get from exports declined, said John Nugee, a manager of Bank of England reserves in the 1990s.

"The flows have slowed dramatically," said Thorsten Proettel, a commodity analyst at Landesbank Baden-Wuerttemberg in Stuttgart. "This could be a very important factor for the market." ...

... For the remainder of the report:

http://www.bloomberg.com/news/articles/2016-08-29/central-bankers-get-ti...



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