>
Why the world's central banks are going gaga over gold
May 7, 2019

From TheStreet:

Central banks are going gaga over gold.

They are snapping up the metal at the fastest rate in almost half a century in a trend that looks set to continue.

Over the 12 months through March 31, they purchased a whopping 715.7 metric tons of gold bullion worth around $29.4 billion, according to a recently published report from the industry group World Gold Council.

"In all likelihood, we expect another strong year," says Alistair Hewitt, director of market intelligence at WGC in London.

He notes that the volume of gold purchased by such institutions over the most recent four quarters was higher than for any calendar year since 1971. That was when President Richard Nixon pulled the U.S. off the gold standard monetary system at a time when gold was worth $35 a troy ounce.

Gold was recently fetching around $1,278 an ounce, down from the year's high of $1,341 reached on February 19. Prices for the SPDR Gold Shares exchange-traded fund, which holds bars of solid bullion, have moved similarly.

Continue reading at TheStreet...

You may also like

Billionaire says buy more gold

"Billionaire hedge-fund manager Ray Dalio sent ripples through the gold market this week when he advised buying the metal, but he's part of a bigger wave."

Will the gold rally continue?

"As the global economy slows and the Fed prepares for a rate cut, there’s reason to be bullish about the yellow metal."

Billionaire: 'Gold has everything going for it'

"Billionaire investor Paul Tudor Jones said in a Bloomberg interview last week that geopolitical disruptions have made gold his favorite trade in the next 12 to 24 months."