Gold: Why is this country selling more gold?

The gold price is currently consolidating. But 2020 should go down in history as a gold year. Not only has the gold price pulled its 2011 high of $ 1,921 off the market. The gold price also managed to jump over the $ 2,000 mark. And this brand had developed an almost magical character. But the magic doesn’t seem to work for everyone. One country is now doing well with massive gold sales.

We’re talking about Colombia. According to media reports, the Latin American country sold 9.7 tons of gold in the second quarter. That is around 67 percent of the reserves that the country last had according to official figures. However, sales came a little early. Colombia parted with its gold in June, but the gold price rose sharply thereafter. However, Colombia is not the only country that has used the rise in gold prices to cash in. Other countries are also among the sellers. Kazakhstan sold seven tons and Mongolia five tons. And if you look at the data from the World Gold Council, Germany has also sold 2.9 tons of gold. The bottom line is that the central banks are still net buyers. However, the volume of purchases has decreased compared to the record years of 2018 and 2019.