Bullion Star's Ronan Manly writes today that recent gold purchases by central banks are probably not pushing prices up. It is, Manly writes, largely a matter of where the metal is being sourced. Some purchases, he notes, just commandeer domestic production while others may be mere exchanges among central banks themselves or end up with the gold being leased into the international market.
Unless the sources of the purchases are detailed, Manly says, their potential influence on prices can't be gauged, and the gold price probably continues to be determined largely by futures market trading of imaginary gold.
Manly's analysis is headlined "Does the Recent Spate of Central Bank Gold Buying Impact Demand and Price?" and it's posted at Bullion Star here:
https://www.bullionstar.com/blogs/ronan-manly...entral-bank-...
