These countries have just bought massive gold

Poland, Russia, China, Turkey and Kazakhstan have greatly increased their gold reserves. All together recently acquired more than 140 tons of gold.

Gold coins for Germany

The World Gold Council (WGC) has updated its list of global gold reserves. The table contains the official national gold holdings as of May / June 2019. There were three changes in the top 10. Germany has given up 1.1 tonnes of gold. These were most likely stocks that were sold to the Federal Ministry of Finance to coin the annual expenses of their gold commemorative coins (100 Euro, 50 Euro and 20 Euro Gold coins). The gold reserves of Russia are now estimated at 2,207 tons. That is 16.9 tons more than in the previous month. China’s gold inventory increased by 10.2 tons to 1,926.5 tons.

Poland buys just under 100 tons of gold

Noteworthy is the change in Poland’s gold reserves. According to WGC figures, the country now has 228.2 tons of gold. In the previous month, only 128.6 tons were registered. That is, Poland bought 99.6 tons of gold. In July, the central bank had announced the purchase of significant quantities of the precious metal and also announced the withdrawal of holdings from the Bank of England vaults. Turkey has purchased 11.3 tonnes of gold and now bunkers 314.1 tonnes of precious metal. Kazakhstan increased its stocks by 4.4 tons.

There were also sellers

Uzbekistan dropped 12.4 tonnes of gold according to WGC figures. Argentina also separated from stocks. At 54.9 tonnes, the country now has 6.8 tonnes of gold less than a month ago. Other changes compared to the list of the previous month:

  • Mongolia: +1.1 tons
  • Kyrgyzstan: +0.4 tons
  • Mexico: -0.1 tons

Total gold reserves

The sum of the world’s gold reserves is now estimated at 34,076.88 tons by the WGC. Compared with the previous month, this is a decrease of 135.38 tonnes. The data is not consistent with the single messages can have many reasons. The stock changes never occur at the same time and come partly from different sources. Some countries, such as Iran, Israel or North Korea, do not provide regular information on their gold reserves.