The scale of the purchases at 148.4 tonnes on a net basis was far bigger than previously disclosed, and helped explain gold’s rebound from a low of $1,534.
The countries that have publicly disclosed their purchases include Thailand, Russia and Bolivia. Sources also suggest that China and Brazil were big buyers, although India was the exception. (As we may be about to discover, India is exceptional in several ways, not all of them good: bullion buying there fell by a quarter: keep your eyes on this.)
China actually overtook India to become the largest consumer of gold jewellery in the third quarter…an unusual development given its religious significance in India.