During the year ending on central banks messing around with the elders gold markets has been registered since 1967, a significant date for the world monetary system. In accordance with World Gold Council, during 2022 central banks bought a total of 673 tons of the precious metal. And only in the 3rd quarter of the year they bought 400 out of 673 tons, thus recording the largest purchases that have taken place in a quarter since the start of recording the relevant data in 2000. The largest volume of the precious metal was bought by Russia and China, which, according to economic analysts, betrays the willingness of some countries to diversify their reserves and limit their dependence on the dollar.

Demand for the precious metal has been higher than in any other year in the last 55 years, according to the latest data released by the World Gold Council. Market analysts point out that the World Gold Council’s estimates far exceed those of central banks and raise questions about the identity and motives of buyers. This is because the amount of gold purchases reported by the IMF and various central banks does not exceed 333 tons of the precious metal in the nine months from the beginning of the year to September. Characteristically, Adrian Ash, head of gold market research at BullionVault, said that the move of central banks to gold “suggests that the geopolitical landscape is dominated by suspicion, doubt and uncertainty.” And, as he emphasizes, such a climate is inevitable after the decision of the United States and its allies to freeze Russia’s gold and foreign exchange reserves.

Russia and China are the biggest buyers of gold. In the third quarter, Turkey became the “champion” by purchasing 31 tons.

Officially, during the third quarter, Turkey bought the largest amount of gold, namely 31 tons. Thus, now gold makes up 29% of its total reserves. It is followed by Uzbekistan with a purchase of 26 tons of gold and Qatar, which made its largest monthly purchase since 1967 in July. outside the central banks of Russia and China, but without mentioning them as presence. China, in particular, has partially made its gold purchase decisions public, but, according to analysts, has tried to downplay their size. Earlier this month, the People’s Bank of China announced that it had increased its gold holdings in November for the first time since 2019, adding 32 tons of the precious metal worth $1.8 billion. However, industry sources believe China actually bought more gold. gold. Mark Bristow, CEO of Barrick Gold, the world’s second largest gold miner, and Nicky Shields, strategic analyst at MKS PAMP, believe that China has bought a much larger volume of gold, as if the numbers he cited were true, the price of the precious metal will $75 lower. Gold prices have risen over the past month and are currently hovering around $1,800 an ounce. Notably, as part of its 2023 forecasts, Danish Saxo Bank predicts that its price will rise to $3,000 per ounce in the new year, representing an increase of about 67% from current levels. According to Steen Jacobsen, chief executive of said bank, factors that will increase its price will be “the logic of the war economy, which makes the precious metal especially attractive to the country’s reserves, extensive investments by national authorities and growing liquidity at the global level.”

In terms of central bank purchases, the last time such a frenzy of gold purchases was recorded in 1967. At that time, European central banks bought such a large amount of gold from the United States that this led to a fall in its price and, ultimately, to the subsequent collapse of the world currency. The Bretton Woods system, which pegged the value of the US dollar to the precious metal.