The Phaserl


Mexico’s Gold May Be Only Paper

from Wealth Cycles:

We’ve been writing since early 2011 about central banks the world over shifting from being long-time net sellers of gold to becoming net buyers. In one recent post we informed readers that Ecuador had joined a growing number of nations who initiated programs to repatriate gold bullion held in foreign vaults. Taken altogether, the pattern seems to indicate that there is a lot of gold being purchased by sovereign nations. As Mike Maloney said in 2011, “That means that governments around the world are starting to distrust the dollar; they are starting to panic.”

Last year Mexico’s central bank, Banco de Mexico (Banxico), sparked renewed interest as it began purchasing significant amounts of gold.

Mexico was on the world stage as regards gold, after it purchased 93 tonnes, and rose in the global ranking of gold reserves calculated by the World Gold Council.

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