🏦 Gold prices fell for a month, and the central bank bought more than ever
Gold prices fell 6.5% in September. Plenty of people panicked. So what did the central bank do? It turned around and added 740,000 ounces—the 23rd month in a row it’s bought gold, and its biggest purchase yet. The bigger picture is even clearer: gold makes up just 8.8% of its foreign exchange reserves, compared with a global central bank average of 27%. And 45% of central banks still plan to keep buying. That’s what you call playing the long game. Retail investors watch the charts and chase rallies or sell-offs; the central bank is thinking about the country’s fortunes over the next decade—and buying more as prices fall. Next time gold prices dip and your hand starts to shake, remember who was buying on the way down this month. #XAU $XAU
Gold prices fell 6.5% in September. Plenty of people panicked. So what did the central bank do? It turned around and added 740,000 ounces—the 23rd month in a row it’s bought gold, and its biggest purchase yet. The bigger picture is even clearer: gold makes up just 8.8% of its foreign exchange reserves, compared with a global central bank average of 27%. And 45% of central banks still plan to keep buying. That’s what you call playing the long game. Retail investors watch the charts and chase rallies or sell-offs; the central bank is thinking about the country’s fortunes over the next decade—and buying more as prices fall. Next time gold prices dip and your hand starts to shake, remember who was buying on the way down this month. #XAU $XAU