When we look at the most recent findings from the World Gold Council (WGC), the most obvious take is that ETFs and India keep gold demand higher in the third quarter of 2012. But after looking through the report in detail, it turns out that central banks continued to be acquirers of gold during the quarter, with some 97.6 tonnes of gold purchased. This is close to the 100 tonnes average in six of the past seven quarters.
The year-to-date figure for central bank buying is up 9% so far for 2012. As currencies are weakened, it seems that central banks still are adding the shiny yellow metal as real assets in their national treasury holdings.
What 24/7 Wall St. wanted to know was which central banks were the net buyers of gold. The World Gold Council sent us data that goes all the way back to 2002. This was updated in November for the third quarter. We also matched up data from The Economist’s Intelligence Unit to see which of these nations are expected to grow in 2012 and 2013, and it was easy to recognize that the nations adding gold are still growing.
But first a group of nations that added only the smallest amounts of gold. The Kyrgyz Republic added 0.1 tonnes in July and another 0.1 tonnes in August. As most people in the world do not know this nation, we’ll just leave it at that. Mongolia, another nation ignored by much of the world, added 0.1 tonnes in August, and it was listed as trading activity. The Philippines was said to buy locally produced gold, which it may sell or retain in reserves, but it was also listed as a 0.1-tonne gainer, with its purchases coming in August. Serbia added 0.1 tonnes in July and again in August, for a total of 0.2 tonnes in the third quarter.