Mexico Acquires Nearly 100 Tons Of Gold Bullion

It’s only fitting that with today being Cinco de Mayo I’d be writing a post about Mexico. Apparently, our neighbor to the south is just getting over an extended bout of gold fever. From Jack Farchy of the Financial Times (UK) this morning:

Mexico has quietly purchased nearly 100 tons of gold bullion, as central banks embark on their biggest bullion buying spree in 40 years.

The purchase, reported in monthly data published by Mexico’s central bank, is the latest in a series of large gold buys by emerging market economies intent on diversifying reserves away from the faltering US dollar.

China, Russia and India have acquired large amounts of gold in recent years, while Thailand, Sri Lanka and Bolivia have made smaller purchases.

Farchy brought up an often-overlooked fact in discussions about a supposed “gold bubble.” He noted:

Central banks became net buyers of gold last year after two decades of heavy selling – a reversal that has helped propel the price of bullion to a series of record highs.

As a result of Mexico’s purchase, central banks, sovereign wealth funds and other so-called “official sector” buyers are on track to record their largest collective purchase of gold since the collapse of the Bretton Woods system, which pegged the value of the dollar to gold, in 1971.

Source:

Farchy, Jack. “Mexican Central Bank Quietly Buys 100 Tons of Gold.” Financial Times (UK). 5 May 2011. (http://www.cnbc.com/id/42909399). 5 May 2011.

Share

Tags: , , , ,

Thursday, May 5th, 2011 Banking, Commodities, North America, Precious Metals
Survival And Prosperity
Est. 2010, Chicagoland, USA
Christopher E. Hill, Editor

Happy MLK Day

Successor to Boom2Bust.com
"The Most Hated Blog On Wall Street"
(Memorial Day Weekend 2007-2010)

This Project Dedicated to St. Jude
Patron Saint of Desperate Situations



Please Rate this Blog HERE



happyToSurvive
Advertising Disclosure here. "Code Needed"=Promo Code Found On Advertiser Website. Ad Captions Last Updated 1/15/17.
ANY CHARACTER HERE
Buy Gold And Silver Coins Huge Silver Bar Sale (10 Oz. Individual & Monster Boxes)! World Gold (Bullion) Coins/Bars Also On Sale. Free Shipping On U.S. Orders $99 And Up (Only $5.95 Below $99!). BGASC Reviewed HERE.
ANY CHARACTER HERE
BullionVault World's Largest Online Investment Gold Service Taking Care Of $2 Billion For Over 65,000 Users From 175 Countries. BullionVault.com Reviewed HERE.
ANY CHARACTER HERE
1-Year Food Supply $1,597 + Free Shipping Limited Time Only; Alexapure Pro Water Filtration System $147; Big Savings On "Deal Of The Day" Page; Free Shipping On Orders Over $79. MyPatriotSupply.com Reviewed HERE.
ANY CHARACTER HERE
bullet proof vestsWorld's First Bulletproof Baseball Cap Only $129; Bulletproof Ceramic Plate (NIJ Level III Stand-Alone) Only $169; Bulletproof Backpack/Messenger Bag Panel Only $99. BulletSafe Reviewed HERE.
ANY CHARACTER HERE
Survival Titles Save 20% Discontinued Title Sale- Savings Up To 75% Off Original Price. Paladin Press Reviewed HERE.
 

Categories

Archives

Prepper Website

RSS Chris Hill’s Other Blog: Offshore Safe Deposit Boxes

  • Related Reading: Singapore Private Vaults ‘Have Quietly Begun To Bulge With Gold And Silver’
    I recently came across an article on The Business Times (Singapore) website which points out privately-owned precious metals from around the world are finding their way to non-bank vaults in Singapore. Andrea Soh reported on December 12: These are unsettling times. A recession looms. Extremist parties are on the ascent globally. One of the oldest […]
  • Next Degussa Numis Day To Take Place January 26, 27
    Degussa, a leading international player in the precious metals world which also offers safe deposit boxes (for customers) at branches in Germany, Singapore, Spain, and Switzerland, has posted information about the next Numis Day (first blogged about here) at their Geneva and Zurich showrooms. From their website: The Next Numis Day We appreciate and appraise […]
  • Related Reading: Martin Armstrong Covered By Washington’s Blog
    Regular readers of Offshore Safe Deposit Boxes know I bring up economist Martin Armstrong from time to time (case in point, the last entry) due to his views on subjects such as the War on Cash, gold confiscation, and safe deposit boxes. This afternoon Armstrong was the focus of a post published my other blog- […]
  • Martin Armstrong On Proposal To Seize ‘Suspicious’ Gold Entering European Union
    Last Wednesday, I wrote about a recent Reuters.com article which reported: The European Commission proposed tightening controls on cash and precious metals transfers from outside the EU on Wednesday, in a bid to shut down one route for funding of militant attacks on the continent… Authorities will also be able to seize cash or precious […]
  • One More Reason Why An American Would Need An Offshore Safe Deposit Box
    Back on March 2, 2014, I published a post entitled “Why Would An American Citizen Need An Offshore Safe Deposit Box?” Several scenarios were put forth: -Potential confiscation of legally-obtained and owned wealth by an Uncle Sam-gone-rogue -Increased asset protection via geographical diversification (“prepping” included) -Working/studying abroad, and requiring a secured container to store valuables […]