Emerging market central banks have been the biggest official buyers of gold over the past year or so with total net central bank purchases the largest since 1964 last year at 445 tonnes. Central banks know that the only protection for their deposits against their own money printing is to buy gold.
But the emerging markets really get it. Russia added 15.5 tonnes in May raising its reserves to 911.3 tonnes, the highest since 1993; Thailand has almost doubled its reserves in two years; Mexico has bought over 100 tonnes since February 2011; and Turkey has stashed 123 tonnes since last October.
Rising gold purchases
Over the past 12 months net purchases of gold by the central banks have averaged 20 per cent of annual supply, according to the World Gold Council. Yet gold buying by central banks is most likely still not in top gear. Consider this chart from Casey Research:
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