Buying Gold | Even Iraq's Central Bank <b>Buying Gold</b> Now? [SPDR Gold Trust (ETF <b>...</b> | News2Gold |
| Even Iraq's Central Bank <b>Buying Gold</b> Now? [SPDR Gold Trust (ETF <b>...</b> Posted: 17 Apr 2014 12:09 PM PDT Home > Even Iraq's Central Bank Buying Gold Now?  Even Iraq's Central Bank Buying Gold Now?
According to the International Monetary Fund (IMF), in the month of March, Iraq's central bank added 36 tonnes of gold bullion to its reserves—worth about $1.5 billion. This is the first purchase by the central bank since August of 2012, when it bought 23.9 tonnes of gold. (Source: Reuters, March 25, 2014.)  Sure, you could say, "Michael, 36 tonnes of gold bullion is nothing for a central bank." I agree. But looking at the bigger picture, it is very significant for a small country like Iraq—a country whose annual gross domestic product (GDP) is smaller than Amazon.com's sales for 2013—to be getting into gold bullion in a big way. The official announcement from the central bank of Iraq sent the message that it bought the gold bullion to stabilize the country's currency and add insurance to their reserves. Since 2009, central banks around the global economy have become net buyers of gold bullion, and I don't think they will stop anytime soon. The main reason for this is that the central banks see a significant amount of volatility coming to the world of paper currencies—something they hold in their reserves. Too many major world currencies are in a downtrend. The U.S. dollar has been on a decline since the beginning of 2014. The Canadian dollar is hitting multiyear lows. The Japanese yen has been plummeting. Where do we go next with gold bullion? At present, the amount of negativity towards gold bullion is immense. Tags: 2X gold ETFs, 3X gold etfs, 4X gold etfs, best gold etfs, best gold stocks, buy gold, buy gold today, etf, etf news, etf's, gold, gold and silver etf list, gold and silver ETF's, Gold ETF Analysis, gold etf list, gold etf prices, Gold ETF's, gold forecast, gold futures, gold price, gold price forecast, gold price forecast 2014, gold price news, gold price news today, Gold price trends, gold price trends 2014, gold prices, gold prices 2014, gold prices today, gold projections, gold stocks, gold stocks 2014, Gold stocks to buy, gold stocks to buy now, gold stocks today, How to Buy Gold, inverse gold etfs, investing in gold, investing in gold 2014, INvesting in gold today, leveraged gold ETFs, list of gold etfs, low cost gold etfs, Michael Lombardi, NYSEArca:GLD, NYSEARCA:IAU, physical gold etf list, Popular gold etfs, precious metals, price of gold, short gold etfs, stocks to buy, stocks to buy 2014, Stocks to buy now, Top gold etfs Comments |
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