Gold Purchases

Who is buying gold? The latest data of state gold purchases and sales have been published by the World Gold Council. This data shows the following countries as leading gold purchasers over the last 10 years:

• China: some 550 tonnes
• Russia: some 420 tonnes
• India: some 200 tonnes
• Mexico: some 100 tonnes

It is interesting to see that there is no European country, not a single one, that has purchased any significant (5 tonnes or more) amount of gold at any point in time. The US hasn't bought any gold either. India and Mexico have been single one-time purchases. China and Russia are continuously buying mid-sized amounts year by year. Europe as a whole has sold around 3,000 tonnes of gold over the last decade.

Saudi Arabia is listed with a one-time 180 tonnes entry, but as far as I can tell this is not a real purchase but a paper adjustment.

It is a telling sign that the US and EU are not purchasing any gold with respect to any future currency decisions the politicians/banks of these countries will make.