‘The Role Of Gold May Be Changing’ – Central Banks Panic-Buy Precious Metals In 2022

• ‘The Role Of Gold May Be Changing’ – Central Banks Panic-Buy Precious Metals In 2022
  by Tyler Durden, https://www.zerohedge.com/
  One month ago, we sparked a frenzy across precious metals circles when we reported that a “mystery” buyer had bought some 300 tons of gold, roughly three quarters of what would be a record 399 tons of central bank gold purchases in the third quarter.
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  Shortly after that, the mystery was solved as the PBOC officially reported an increase in its gold reserves for the first time in more than three years, confirming that the world’s most populous country was indeed the mystery buyer in the bullion market. The gold industry says Chinese buying is almost certainly higher.
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  Mark Bristow, chief executive of Barrick Gold, the world’s second-largest gold miner, said China had bought tonnes of gold around the high 200s mark, based on his discussions with numerous sources.
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  As we previously noted, there is definitely a bid below gold as if the historical relationship with real yields held, prices for the precious metal would be considerably lower (or perhaps it’s as simple as gold reflecting expectations of a dramatic easing of central bank policies at some point in the near future that the bankers themselves are loathed to admit)…
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