John Reade
speaker
553 appearances
2 recordings
1 series
first heard Oct 2024
last heard 10 Oct
John Reade’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Oct 2025 with 1.
Appearances
Uh we wouldn't call ourselves uh experts on the rest of the things within a central bank balance sheet.
Uh the Bank of International Settlements s uh estimates and publishes a figure for about fifty-one percent of central bank reserves held in US dollars, whereas the chart that's been circulated based on data from I think Bloomberg via the tick data suggests that there is now more gold owned than there is uh US Treasuries.
So those two things don't don't really square up.
So I I'm not gonna come uh I'm not going to
It does.
Um and it's a it's a trend which has been ongoing.
So central banks have bought gold on a net basis every year since the global financial crisis.
Um, they doubled their rate of purchases uh in 2022 and have been buying uh just over a thousand tons out of a five thousand ton market, so about a thousand tons of gold uh each year.
Um they're on track to buy probably slightly less gold than that this year, because the increase in the gold price has had, you know, has had an effect on on some of the central bank purchases.
And and it's worth maybe spending thirty seconds just talking about that.
If you're a central bank and you you've wanted to have a percentage of your reserves in gold and you've been steadily buying over the last few years, the fact the gold price has gone up so much
You've increased the percentage holdings that gold makes up of your reserves, even if you haven't been buying.
So
The National Bank of Poland, for example, which was the biggest declared buyer of gold in the first half of this year, hit its target of twenty percent and stopped buying.
Um, admittedly, they've gone back to their board and said we'd like to buy we'd like to increase that target from twenty percent to thirty percent uh and probably will be back in the market before too long.
But it is an indication where uh the increase in the price has actually, you know, slowed down central bank buying in in one obvious case.
The other thing we've noted, we've noted a couple of central banks that have been selling gold this year that we probably wouldn't have expected to, because they'd only bought recently.
What I think has happened there is they made an an explicit allocation in percentage terms to to gold.
And it was up twenty six six percent last year and up fifty percent this year.
They're just rebalancing.
Showing 121–140 of 553 · page 7 of 28
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