Bloomberg/Nariman Gizitdinov and Maria Kolesnikova/11-10-2022
“The world’s second-biggest buyer of gold among central banks last quarter believes there’s hardly such a thing as too much bullion. Uzbekistan has brought the share of the precious metal in its $32 billion reserves to almost two-thirds, in a reversal of a plan to cut it below 50% by buying US and Chinese sovereign debt.”
USAGOLD note: Uzbekistan is among a group of top gold producers who buy domestic production and hold it as part of their central bank reserves. It now has a stockpile of nearly 400 tonnes. It is the seventh largest global producer of gold at 100 tonnes annually.
