Central Bankers Make Rare Comments in Favor of Bigger Gold Stash
- Mexico, Mongolia, Czech reserve managers speak at conference
- Central bank buying helped fuel gold’s ferocious run this year
Gold purchases from central banks have been a key driver in bullion’s record-smashing rally this year. But officials rarely signal ahead of time when buying is top of mind.
In a break to that form, reserve managers from the central banks of Mexico, Mongolia and Czech Republic on Monday sang the praises of bigger holdings. The comments provided unique insight into how they are viewing bullion, with the officials saying that gold as a percentage of their country’s reserves is more likely to increase in the years ahead amid a confluence of growing geopolitical tensions and lower interest rates.