Germany Increases Gold Reserves In September For The First Time In 21 Years – IMF

Source: Bloomberg

◆ The gold reserves of the German Bundesbank rose in September for the first time in 21 years; German gold reserves rose to 108.34 million ounces in September from 108.25 million ounces last month

◆ It was the Germany’s first gold purchase since 1998 and while the amounts are not huge at 90,000 troy ounces, it highlights the Bundesbank and German concerns about the global monetary system and euro itself as Christine Lagarde takes over the ECB

◆ International Monetary Fund (IMF) data shows central banks continued their 2019 gold buying spree in September with the UAE, Kazakhstan and Belarus all adding to their gold reserves

◆ Turkey’s gold reserves increased by another one million ounces in September as tensions with the U.S. and geopolitical risks escalated

◆ Central bank gold reserves are normally reported on in the financial media but the German gold purchase has only been covered on the Bloomberg terminal (see above)

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