Central banks rarely state how much they are openly buying because of their impact on the market. China gold market analysts argue that a 1,000 ton increase in gold reserves from last announced levels would push up gold prices. [More Upside for Gold ETFs?]
COMEX gold futures is now trading around $1,289 per ounce.
The SPDR Gold Shares (NYSEArca: GLD) is up 7.4% year-to-date. However, demand for gold has dipped as speculators react to the Fed’s outlook. GLD is now trading below its 200-day moving average.
SPDR Gold Shares
For more information on gold, visit our gold category.
Tom Lydon’s clients own shares of GLD.