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Recently it was said that Brazil’s central bank bought more than 62 tons of gold. But it was not only that these buys were made that was important, but also the speed. Gold telegraph stressed the 62 tons were purchased over a time frame of three months. This now places the national reserves around 130 tons.

On top of this, central banks bought 333.2 tons, an uptick of 39% over the reported 5-year average in the initial half, and around 199.9 tons during the second quarter. The biggest buys were recorded in Hungary and Thailand (including the nation fo Brazil), with a boost of 214 tons.

Data from the WGC highlighted that worldwide demand for jewelry in H1 reported 873.7 tons, 17% under the ’19 average, increasing during the second quarter, reaching 390.7 tons, y/y, an uptick of around 60%.

Egypt’s demand climbed by 58.5%, or 14.9 tons, during 2021’s H1, in comparison to 9.4 tons, year-on-year. The info revealed that the demand for jewelry inside Egypt went up during H1 of this year to 13.6 tons, an uptick of 58%, in comparison to 8.6 tons (YOY). The total demand for gold bars and coins increased to 1.2 tons, or 33.3%, in comparison to 0.9 tons during this same exact time last year.

These numbers are pretty tricky as the global demand lowered in the first part of the year by around 11% of last year to get to 1833.1 tons but there was a lowering in the second quarter of 2021 by 1% on a yearly basis to 955.1 tons. Also, the overall global demand lowered by 1%, on a yearly basis, in the second quarter of 2021 to 955.1 tons.

The overall global demand for gold bullion and coins came to 594.5 tons in H1 of this year, the strongest we have seen since 2013. Demand went to 243.8 tons in the second quarter, an increase of 56%, year-on-year; the best quarter we have seen since 2013.

Author: Scott Dowdy


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