Bundesbank president Joachim Nagel told the LBMA conference in Sorrento that central banks are "far from done with gold" — arguing ever-rising government debt and credit-risk worries keep the diversification case strong.
The buying backs him up: central banks added a net 39 tonnes in August, China's 23rd consecutive month of purchases, with Poland and Uzbekistan each adding 8 tonnes. Conference delegates expect gold around $5,013 within twelve months.
