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Irish central bank makes first reserve gold purchases since 2009

Section: Daily Dispatches

By Lorcan Roche Kelly
Bloomberg News
Wednesday, December 1, 2021

The Irish central bank has been adding to its gold reserves as inflation in the euro area runs far ahead of the European Central Bank target. 

The Dublin-based institution's purchase of 2 tons of gold in recent months has ended a more than decade-long period of unchanged holdings of the precious metal.

... Dispatch continues below ...


Kinesis Partners with Panama-Based Atlas Vaults

Company Announcement
From Kinesis, London
Tuesday, October 26, 2021

Kinesis announces a partnership with Atlas Vaults and Atlas Brokers, expanding the global Kinesis Vaulting Network into Latin America.

By joining with the leading Panama-based vaulting provider, broker, and trading hub, Kinesis is introducing the Atlas Group's considerable client base to the Kinesis monetary system. The partnership is set to bring superior value and returns to Atlas Vaults and Kinesis clients as well as to people across South and Central America.

Central to the partnership, Kinesis is introducing the 13th storage facility for its global vaulting network, which now spans nine countries. ...

... For the remainder of the announcement:

When asked about the reasoning behind the purchases, a spokesperson said that the central bank's gold transactions "are commercially sensitive and no further comment can be made at this time."

While the institution has given no reason for the increase in its stockpile, the Governor Gabriel Makhlouf last week warned that policy makers cannot afford to be complacent on inflation. 

Central bankers' appetite for gold grew in the first half of the year, with global reserves expanding 333.2 tons, 39% higher than the five-year average for the period, according to the World Gold Council, which noted strong purchases by Thailand, Hungary and Brazil. 

Singapore increased its gold reserves by about 20% earlier this year in a largely under-the-radar move the central bank says will ensure the resiliency of its portfolio.

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