CHINA AND RUSSIA BUY 251 TONNES OF GOLD

CENTRAL BANKS BUY 500 TONNES OF GOLD JAN-AUG 2019

China adds 106 tonnes of Gold to its official reserves in 2019, while Russia acquires an additional 145 tonnes. Globally Central Banks have reported that they also added 500 tonnes of Gold to their reserves between January and August 2019 and is a record for purchases of Gold by Central Banks.

Russia, reported that its holdings fell by $US1.65b in September, but translating this into tonnage basis, the final LBMA prices of the months equates to an actual gain of 30.5 tonnes to 2,258 tonnes of Gold. The World Gold Council reported that other buyers of Gold recently were Turkey, Poland and Kazakhstan. The reasons for the reported Gold buying was 3 fold: Safety, Liquidity and Return on Investment.

Gold is expected to continue to rise with the Gold Futures up another $9.10c ounce at $US1513.

Goldman

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