Gold Purchases By Central Banks May Be Twice As High As Reported — Analyst Says They're Buying Outside Traditional Markets

Yuan,Notes,From,China's,Currency.,Chinese,Banknotes.,Chinese,Coins,gold

Central banks are quietly ramping up gold purchases outside traditional financial markets, according to Lobo Tiggre, the Principal Analyst at Louis James.

What Happened: Speaking to Kitco News on Saturday, Tiggre warned that the scale of new gold acquisitions by central banks were significantly underreported. “What's new is that central banks are buying gold directly from local miners, especially in Africa, Asia, and Latin America,” he says.