The Phaserl


Central Banks Favour Gold As Diversification – LBMA

by Mark O’Byrne, Gold Core:

Central Banks have long been buyers of gold bullion and there was a marked increase in central bank bullion activity post the Lehman collapse.  Central banks bought 534.6 tons of gold in 2012, the most since 1964, and continue to accumulate.

At the London Bullion Market Association conference in Italy, an official from Banca d’Italia said that keeping gold reserves is a key support to central banks’ independence, squashing rumors that it might sell some of its holdings.

Banca d’Italia  has the fourth largest gold reserves among the world’s central banks and the market heard whispers that it may sell off reserves to help its economy.

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