Western Central Banks Are Buying Gold

Bullionstar reported that the Central Bank Gold Agreement will end in September 2019.

I cannot stress enough how important this is. Here is the press release from the ECB. European countries will now be able to buy gold again.

Western central banks have not been buying gold since 1966. Since the crisis in 2008 started, the eastern central banks have been buying gold but the western central bank purchases were capped. You can see in this chart how eagerly these western central banks are to start buying gold. Finally, in September 2019, they will be able to buy gold again, especially when gold is now a Tier 1 monetary asset (Basel III). They will scramble to buy it.

I expect gold prices to move up after September 2019, especially when the ECB and the FED are resorting to QE again after September 2019.