July 9, 2012
By Frank Holmes, CEO and Chief Investment Officer, U.S. Global Investors
Interestingly, central banks continue to buy gold. The World Gold Council estimates that as of the end of the first quarter of 2012, central banks have purchased almost 300 tonnes of gold over the trailing year, led by the central banks of Turkey (+93 tonnes), Russia (+85 tonnes) and Thailand (+44 tonnes). This equates to approximately 11.0% of world mine production and continues a significant change from the past, when central banks were net sellers of 400-500 tonnes annually.
Source: This was excerpted from "Speed Up or Slow Down – Don't Exit the Commodities Highway", U.S. Global Investors' Advisor Alert, June 15, 2012, www.usfunds.com.
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