Record Central Bank Gold Purchases
By Ima Casanova, Deputy Portfolio Manager
The World Gold Council recently published 2022 gold demand statistics. They estimate another record quarter of central bank gold purchases in the fourth quarter. Central bank net purchases in in the quarter totaled 417 tonnes. This takes second half of 2022 total buying to 862 tonnes. At 1,135 tonnes, 2022 was the second highest year of net central bank gold buying on record since 1950.
Central banks have been net buyers of gold for 13 consecutive years, since 2010. The World Gold Council’s most recent central bank gold survey reveals the main reasons behind the banks’ decisions to own gold: its performance during times of crisis, its role as a long term store of value and its high liquidity. All reasons, we believe, to own gold.
MVIS® Global Junior Gold Miners Index
Source: MarketVector IndexesTM. All values are rebased to 1,000. Data as of February 13, 2023.
About the Author:
Ima Casanova joined VanEck in 2011. Prior to VanEck, Ima was Managing Director and Senior Equity Research Analyst at McNicoll Lewis & Vlak and established the firm's metals and mining research department. Previously, she was Equity Research Analyst at Barnard Jacobs Mellet USA and BMO Capital Markets and held positions as Production Technologist, Offshore Wellsite Supervisor and Petroleum Engineer for Shell Exploration and Production. Ima has both an MS and a BS (magna cum laude) in Mechanical Engineering from Case Western Reserve University.
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