Central Banks Continue to Buy Gold Bullion at Record Highs

Central banks are reportedly on pace this year to buy more gold bullion since the last official gold price rigging scheme collapsed (London Gold Pool 1960-1968, as the US dollar gold spot price multiplied 24Xs to follow by early 1980, running from $35 oz to $850 oz in about a dozen years).

Last week, a Q3 2022 report by the World Gold Council stated that nearly 400 metric tonnes of gold bullion got bought up by central banks. 

This year's central bank gold bullion buying pace is at a 55-year record high level ever since before the last official gold price rigging scheme in London fell apart in 1968 (more on that failed scheme in this week’s bullion market video update).