As Krishan Gopaul’s blog post last week pointed out, central banks have been buying gold during the first four months of 2021. Over that period, we estimate that the official sector has added 150-200 tonnes of gold. A significant portion of this buying has come from the central banks of Hungary and Thailand, who added 63 tonnes in March and 43.5 tonnes in April, respectively. In fact, these two purchases are the second and third largest monthly central bank gold purchases in recent history, eclipsed only by Poland’s 100 tonne purchase in June 2019 (see chart below). Thailand’s gold purchases appear to be continuing ... (full story)