Central Banks Rush to Buy Gold

Nov. 21, 2011 - PRLog -- Central banks all over the world rushed to buy gold during the third quarter of 2011. Total purchases for the quarter ending September 30 was seven times higher than the year ago period and were double the purchases from the second quarter.

They purchased at total of 148 metric tons of gold during the third quarter, compared to 66.5 tons in the second quarter and 22.6 tons in the third quarter of 2010. In total more than 348 tons of gold have been purchased this year through the end of third quarter.

According to the report from the World Gold Council, central banks were net sellers of gold bullion in the two decade period leading up to 2009.

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