by Peter Schiff, Schiff Gold:
A large sale by Turkey in April caused global central bank reserves to fall for the first time in over a year, even as central bank gold buying continued.
Official global reserves dropped by 71 tons in April, according to the latest data collected by the World Gold Council.
While the overall drop in global reserves was significant, it does not reflect an about-face by central banks and doesn’t likely signal a new trend. It was primarily the result of an 81-ton sale by the Central Bank of Turkey.