Strong turnout in the European central banks to buy gold

Japanese Stock market pushed Comex down

Turns to European central banks to buy gold strongly for the first time in more than two years, in light of the current turmoil in the currency markets and loans

Although the quantity bought by European banks are few compared to the gold market in the world and will be available for discussion during an annual conference organized in Montreal this week about the role of central banks in the gold market

It cause the strong appeal of buying gold to rise by 25% this year, bringing the price of condoms to 1920 USD/Troy per ounce this month. At the same time, increased purchases of central banks in emerging economies is also of gold.

Recorded purchases of central banks in Mexico, Russia, South Korea and Thailand in order to compensate for the decline of the dollar.

It is expected to reach the amount of gold purchased by central banks this year to its highest level since the break the United States to link its currency to gold in 1971.

And explained the studies and according to the European Central Bank and the IMF, central banks in Europe bought 25 thousand ounces of gold (0.8 tons) this year. This compares with sales amounted to 400 tons per year since 1999, when the banksabandoned the gold to buy government bonds.

That the world consumption of gold is currently up to about 4500 tons annually.