Mystery Whales Baffle Gold Market After Central Bank Purchases
- China rarely discloses how much gold its central bank buys
- Russia was massive buyer in past, but FX reserves have dropped
Russia is the world’s second-biggest gold mining nation.
Source: Bloomberg
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A normally dry research report jolted the gold market this week, when it pointed to massive but so far unidentified sovereign buyers.
Central banks bought 399 tons of bullion in the third quarter, almost double the previous record, according to the World Gold Council. Just under a quarter went to publicly identified institutions, stoking speculation about mystery buyers.