Why are central banks moving their gold reserves

A summary of the most important gold news and analysis from the last week.

Gold price: $4,364.98 $XAUUSD ( 0.0% ) [View live gold price.]

Change from last week: $32.99 (0.76%)

This week’s summary of gold news and analysis.

• You asked, we answered: Why are central banks moving their gold reserves [World Gold Council]

• Gold is starting to move on something a lot bigger than inflation [MarketWatch]

• How much more gold could central banks buy? [Investing]

"Central banks could have substantial room to keep buying gold after purchases surged in recent years, with BofA estimating that under-allocated institutions may need more than 20,000 tonnes to reach what it views as an efficient reserve allocation."

• Gold SWOT: Jeff Currie sees Treasury buybacks as bullish for gold [Kitco]

• Crude’s supply shock is becoming gold’s ultimate strategic catalyst [Prinsights]

"Here’s why crude at three digits isn't just an energy story. It's the spark gold has been waiting for."

• A hawkish Fed won't keep gold price down for long - FxPro's Kuptsikevich [Kitco]

• Gold is on sale. The world needs it more than ever [Escape Artist]

"Rich Checkan explains why the forces that drove its historic rise have not disappeared, and why this may be the opportunity investors have been waiting for."

• Western investors hoover up $18 billion in gold ETFs; Asians prefer bars and coins – Richard Mills [Ahead of the Herd]

• Gold: could metal touch $4k amid macro headwinds? [Investing]

• Gold prices could rally a little on a Fed hike, but a lot on a hold, with $5,000/oz back on the table – Jesse Columbo [Kitco]

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Gold news from a global perspective.

• China gold market update: Official buying accelerated in August [World Gold Council]

• First Five-Year Plan | Leverage gold as an entry point to build commodity trading ecosystem [The Standard (HK)]

• Hong Kong targets gold trading, FPS-UnionPay link to boost yuan use ($) [SCMP]

"‘We will consolidate and enhance Hong Kong’s status as an international financial centre,’ John Lee says."

• Egypt recovers ancient gold mummy mask from Switzerland [Egyptian Gazette]

• Ghana courts investors for untapped gold reserves [News Ghana]

• India gold market update: Cautious festive optimism [World Gold Council]

• India’s gold imports fall 58% in August, silver imports rise 127% [Kitco]

• Customs foils gold smuggling at four Indonesian airports [Antara News]

• ‘A very convenient cover’: nearly $200M in gold entered Iran through a network selling vegetables [Kharon]

• Kazakhstan’s jewelry market faces new rules on gold and hallmarking [The Times Of Central Asia]

• RM30m gold refinery facility opens in Penang [The Vibes]

"Penang has the potential to become a gold bazaar for the region, leveraging its long-established manufacturing industry and growing financial ecosystem."

• Penang must explore setting up gold bazaar to strengthen financial hub aspiration -- Sim [BernamaBiz]

• How a colonial hoard of gold ended up as buried treasure [National Geographic]

"A new book on history's lost riches tells the tale of a cache of imperial gold, silver, and gems that was smuggled out of Peru on the eve of revolution before disappearing forever."

• Singapore’s gold hub ambition gets lift with DBS vault expansion [The Straits Times]

• 1 million women in Africa’s war-torn nation hold gold worth nearly $3 billion, now a bank wants to use it as collateral [Business Insider Africa]

"Somalia is turning to an unusual store of household wealth to widen access to finance, with MyBank, the nation’s sixth-biggest lender launching a service that allows women to use verified gold jewellery as collateral for financing."

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• Thailand weighs gold transaction tax to track illicit flows, including gambling money [Asia Gaming Brief (AGB)]

• Turkish habit of stashing gold "under the pillow' hurts economy, government says [NPR]

• Metal detectorist finds 3,000-year-old gold bracelet 'worth up to £20k' [BBC]

• Why are European banks moving gold out of United States? [DW]

"The Netherlands and France have moved their gold out of US vaults. Part of the reason is fears about the reliability of the US, but equally important is the need to keep gold closer to home in the event of a crisis."

• Ex-CIA officer accused of stealing gold bars reaches tentative plea deal [The Guardian]

"David Rush accused of stealing hundreds of gold bars worth over $40m and hiding them in his basement."

• Foreigners arrested after failing to steal $7,700 in gold in central Vietnam [VnExpress]

• Zambia considers cutting gold tax as $1.8 billion trade gap exposes informal market [Business Insider Africa]

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• UK weighs tokenized gold reforms – Here’s why the timing matters for crypto [Crypto News]

• Tether quietly became a $1.5B lender to US gold dealer [AMB Crypto]

"Tether reportedly provided most of Gold.com’s outstanding precious-metal financing, revealing a relationship worth roughly $1.5 billion."

Read more about gold-backed cryptocurrencies.

Gold Weekly features curated articles from various sources and is not financial advice.

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