A large Asian central bank has been in the gold market the last couple of weeks snatching up four tons of gold bullion. Industry experts and the financial press are buzzing about the large purchase – worth about $250 million at current gold price levels.
While the identity of the buyer is not disclosed until the gold is finally delivered, most analysts believe that the central bank buyer is probably based in Asia. Additionally, Credit Suisse note to clients last week noted strong central bank buying of gold seen last Friday.
Last year both the Philippines and Thailand were big buyers of gold bullion to help diversify their dollar currency holdings.
For the latest news updates on this developing gold investment story, please check out our website at www.aglobalcurrency.com.