Last week Mexico announced its purchase of nearly 100 tonnes of gold, a huge number no matter how it’s sliced.
But just in case you don’t realise how big this is, a few charts from Dundee Wealth emphasise just how big it is within the context of global central bank purchases and sales.
First, the purchase dwarfs anything else in seen by Latin America in years.
Next, look at the purchase compared to BRIC purchases of gold.
Overall, the BRICs by way more, but that’s not surprising, and the purchase is nearly what they bought in all of 2010.
And finally, advanced economies are mostly sellers, having only recently become net buyers (barely).
Overall, after gold’s huge runup everyone’s a buyer. Bulls should hope that the wise central bankers aren’t calling a top here.
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