By Tyler Durden
Submitted by Ronan Manly of BullionStar.com
While large one-off central bank gold purchases get a lot of media attention and the same is true for central banks accumulating gold reserves over a two or three month period, sizeable accumulation of gold by central banks on a month in, month out basis, with the exception of the Chinese and Russian central banks, tends to go almost unnoticed.
A prime case in point is the gold buying strategy of India’s central bank, the Reserve Bank of India (RBI), which almost under the radar, has now become one of the world’s biggest and most consistent central bank gold buyers every year for the last four years.
Starting in early 2018 and up to the end of August 2021, over that time the RBI has added a staggering 166 tonnes to it’s strategic gold reserves, and now holds a claimed 724.24 tonnes of gold, making India the 9th largest sovereign gold holder in the world, well ahead of the Netherlands (in 10th place), and within shouting distance of Japan (8th place).