Eight Central Banks Increased Gold Holdings in May

• Eight Central Banks Increased Gold Holdings in May
  by SCHIFFGOLD
  Excluding another big sale by Turkey, central banks were net buyers of gold in May, according to the latest data compiled by the World Gold Council. Eight central banks added gold to their reserves in May with net purchases totaling 50 tons.
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  But with Turkey dumping another 63 tons of gold in May, global net central bank gold holding fell by 27 tons. Turkey has sold nearly 160 tons of gold since March. According to the World Gold Council, this is a response to local market dynamics and doesn’t likely reflect a change in the Turkish central bank’s long-term gold strategy.
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  According to the WGC, “Gold was sold into Turkey’s domestic market to satisfy very strong bar, coin and jewelry demand following a temporary partial ban on gold bullion imports.” According to a Reuters report, the Turkish government suspended some gold imports in February in an effort to soften the economic impact of significant earthquakes.
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  Poland was the biggest buyer in May, adding 19 tons of gold to its reserves. This follows on the heels of a 15-ton increase in April when the National Bank of Poland resumed buying gold. May’s purchase was the largest increase in the country’s reserves since June 2019 when the bank boosted gold holdings by almost 100 tons.
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  In the fall of 2021, Bank of Poland President Adam Glapiński said the central bank planned to add 100 tons of gold to its reserves in 2022. It’s unclear why the bank didn’t follow through. This recent purchase could signal the beginning of another round of buying to reach that 100-ton goal.
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