World Powers Stacking Precious Metals

Here 3 of the most interesting world gold spending sprees

Bullion.Directory precious metals guest post 7 January, 2016
By Nick Adamo
President at Bullion Shark LLC

China

One world power stands out from them all. China has recently increased its gold importation just two months ago. In the month of November, it is believed that China increased its gold reserves by almost 6.3%. This purchase seems to be one the largest China has made for a long time in a single month.

This 6.3% comes to about 21 tons of gold, with an approximate value of about $4.74 billion. From the end of October to the end of November, China’s gold reserve value jumped from $59.52 billion to $63.26 billion.

Russia

Put simply, Russia’s gold purchases went through the roof in 2015.

Russia went on a stockpiling frenzy adding about 187 tons of gold to their reserves by the time November hit. November was a big month, in which 22 tons were added to Russia’s reserves. Russia has one the the largest gold stockpiles in the world, which is quite impressive.

Turkey

Gold purchases from January to November of 2015 compared January to November of 2014 are down over 50%. The reduction was from 119.32 to 43.98 tons respectively. Purchases fell over 94% in the month of November alone compared the same month in the previous year. However, November’s increase was still about 59% larger than in the month of October.

In November, demand for silver in Turkey fell about 78% compared to November of 2014. However, this shouldn’t be something to worry about because total silver purchases already surpassed that in 2014 in just 11 of the 12 months of 2015.

World powers are increasing their gold and silver bullion reserves month after month, which may be a positive factor for the price of the precious metals in the year to come. With demand for gold and silver rising, the prices should logically see some upward pressure. (When did logic ever dictate gold prices? – Ed)

Let’s hope these buying patterns lead to a better year for gold and silver along with the other precious metals.

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