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.

Tags: , , , ,

Thursday, May 5th, 2011 Banking, Commodities, North America, Precious Metals

No comments yet.

Leave a comment

Survival And Prosperity
Est. 2010, Chicagoland, USA
Christopher E. Hill, Editor

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 4/18/16.
ANY CHARACTER HERE
Remington Sale Ends 4/30
ANY CHARACTER HERE
Blade HQ Knives Blade HQ Review Coming Soon
ANY CHARACTER HERE
Buy Gold And Silver Coins Gold/Silver Sale, inc. Chinese Gold Pandas, 90% Silver Franklin Half Dollars (Singles/Rolls/Bags). BGASC Reviewed HERE.
ANY CHARACTER HERE
BullionVault World's Largest Online Investment Gold Service & Part-Owned By World Gold Council. BullionVault.com Reviewed HERE.
ANY CHARACTER HERE
Home Of "Survival Seed Vault" Premium Heirloom Survival Seeds. MyPatriotSupply.com Reviewed HERE.
ANY CHARACTER HERE
Nitro-Pak--The Emergency Preparedness Leader Wise Foods Sale, Up To 50% Off; Mountain House Sale, Up To 35% Off; Warehouse & Clearance Sale, Up To 70% Off! Nitro-Pak Reviewed HERE.
ANY CHARACTER HERE
Instant Upgrades! Up To $977.99 In Free Meals; Dehydrated Green Beans Up To 34% Off; Sampler Pack Now Only $25. Food Insurance Reviewed HERE.
Firefield Sale Ends 4/30
ANY CHARACTER HERE
Chief Supply Tactical Apparel and Gear for Law, Fire, EMS, Military and Outdoors @chief Tru-Spec 24/7 Series Pants 25% Off Thru 4/30; Free Bluetooth Speaker w/ Fatt Maxx 6"/8" Side-Zip Boots; 25% Off Propper Polo Shirts (Code Needed). CHIEF Supply Reviewed HERE.
ANY CHARACTER HERE
World'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
Firearm Training Alternatives (Airguns/Airsoft). PyramydAir.com Reviewed HERE.
ANY CHARACTER HERE
40% Off All Orders Thru 4/20 12 PM PST (Code Needed). Airsoft Megastore Reviewed HERE.
ANY CHARACTER HERE
Survival Titles Save 20% 35% Off All "Deals Of The Week" Thru 4/18 (Code Needed). Paladin Press Reviewed HERE.
 

Categories

Archives

Prepper Website

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

  • HSBC Implements Controversial New Rules For Its Hong Kong Safe Deposit Boxes
    Here’s a story I came across on the South China Morning Post (Hong Kong) website over the holiday weekend that might interest readers. Cannix Yau reported Sunday night: A barrister has accused HSBC of trampling on the concept of personal privacy by demanding the power to snoop on customers’ safe deposit boxes and dump “offensive” […]
  • Memorial Day 2016
    There will be no new material posted on Offshore Safe Deposit Boxes today in honor of the gallant men and women that served, fought, and died in defense of this amazing country of ours. New posts will appear tomorrow. Enjoy the remainder of this long holiday weekend. Christopher E. Hill Editor
  • New Additions To List Of Offshore Private Vaults
    Here are new entries to that list of offshore private vaults on my website of the same name: • Barcelona Vaults (Barcelona, Spain- opening June 2016) • Fish Brothers (London and its suburb Southall, England) • Montgomery Security Vaults (Lagos, Nigeria) • Panama Vaults (Panama City, Panama) • Safe Independent Co. (Pattaya, Thailand) • SINCONA […]
  • New York City Bank Safe Deposit Boxes Robbed Yet Again
    On April 13, I blogged about safe deposit boxes in an HSBC bank branch in Borough Park, Brooklyn, New York City, being robbed. In that post, I added: I wouldn’t go so far as to say New York City is suffering an epidemic of bank safe deposit box robberies, but regular readers of Offshore Safe […]
  • Degussa’s Next Numis Day
    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 […]