The latest data from the World Gold Council (WGC) shows that central banks in Eastern Europe and Asia significantly boosted their gold holdings. The regulators purchased 148 metric tons of gold in the third quarter of 2018. The figure indicates an increase of 22 percent against the same period last year, while some $6 billion dollars were spent on the precious metal. Russia, Turkey, Kazakhstan, India, as well as Poland and Hungary were the leader among gold net buyers. The reasons pushing Russia, Turkey and other countries facing US sanctions to buy more gold seem clear. But why are other countries bolstering their gold reserves and why do they find it necessary to diversify their holdings? RT talked to Claudio Grass, an independent precious metal advisory based out in Switzerland to find out why emerging economies are so active in stockpiling gold bullion.
This post originally appeared on SOTT.net