Gold prices are higher this morning after yesterday’s sell-off. Gold last reported a.m. is $1224.60 up $4.10 and silver is $16.89 up 8 cents.
According to the World Gold Council central banks purchased 477.2 metric tonnes of gold in 2014. Since the U.S. “Great Recession” central banks have continued to purchase gold in record amounts while touting stock markets as, “the safe investment” for everyone else. BRICS nations are buying the largest quantities of gold diversifying their foreign reserves and limiting exposure to the Petrodollar. According the the WGC, countries have purchased more than 1,964 tonnes of gold over the past 5 years equal to more than seven months of mine output.
The World Gold Council estimates the official amount of gold known to exist above ground at 177,677 tonnes. If these numbers are correct central banks hold 18 percent of all the gold that exists above ground.
United States (8,133.5), Germany (3,384.2), Italy (2451.8), France (2,435.4), Russia (1,149.8), China (1,054.1), Switzerland (1,040.0), Japan (765.2), Netherlands (612.5), India (557.7)
Following central bank gold purchases over the past 5 years leads us to two possible conclusions. Either the banks don’t know what they are doing and these purchases coinciding with the beginning of 2008 are merely coincidence or they understand current economic systems are in a state of collapse. We believe it’s the latter. Many people are consumed with the thought of a potential economic collapse. Will it happen and if so, when. The term “collapse” is relative and one individuals definition will surely vary from another.
The reality today is economic system’s have been collapsing under the weight of debt and mis-management for many years. A bridge built with faulty re-bar may appear safe and might possibly last many years but it weakens and at some point gives way when enough weight is placed on it. Rome didn’t fall in a day but its fall was assured years beforehand by the same corrupt economic and political systems we see spanning the globe today.
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