Notice something that might be called a 'policy change' around 2007?
That is when we saw the sea change in the central banks, when they turned from net sellers to net buyers overall of gold bullion.
The Comex moves its paper and relatively thin reserves around the around the plate.
Bill Holter thinks that China and the East are starting to take away the pricing mechanism from the CME and London. Let's see how that works out. I notice quite a few of the usual suspects on the SGE.
But by all accounts, Russia and China just keep quietly stacking.
At least based on the numbers that we know about. They may be taking in quite a bit more from domestic sources. I suspect that this is the case with China.
This chart is courtesy of the data wrangler, Nick Laird at Sharelynx.com
