We can start this week off with a bang. It’s no secret that central banks bought a lot of gold over the past year, we’ve talked about it many times (here’s one example, and another). This morning, Ronan Manly published a detailed article on central banks’ recent spate of gold buying.
The question: Does central bank buying have any impact on the open market price of gold? Now that’s something we probably should understand, right? The general assumption is that more central bank buying means more demand on the open market — but is it true?