Global gold rush! Worried central banks snap up £13 billion hoard

Central banks across the world are hoarding gold amid growing fears about global volatility and a possible downturn for financial markets.
They have snapped up almost 275 tons of gold this year alone – 8 per cent ahead of 2017 – at a cost of more than £13 billion.
Many national banks have been returning to the market for the first time in years. India bought eight tons, its first purchase since 2009. 
Poland bought nine tons during the summer, its largest buy since 1998. And Egypt acquired gold for the first time since 1978.
Investors often buy gold to protect against falling stock markets and rising inflation.
John Meyer, of brokers SP Angel, said: 'Now is a good time to buy gold, not least because President Donald Trump's unpredictability makes the world a more uncertain place.
'Gold was the bitcoin of the Pharaohs and it still holds good as a store of value and an international currency.'
Central banks own more than £1 trillion of gold and are expected to continue offloading dollars to buy more.
Former chancellor Gordon Brown sold half the UK's gold reserves from 1999-2002 at an average price of $275 (£210) an ounce. Today gold trades at $1,200 an ounce.
World Gold Council managing director Natalie Dempster said: 'Gold is the only reserve asset that is completely free from political risk.'
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