Central Bank of BiH reveals Amount of available Gold Reserves

December 21, 2019 1:30 PM

 

The Central Bank of Bosnia-Herzegovina (CBBH) currently has about three tonnes of gold available, and whether they will increase gold reserves as well as central banks around the world CBBH did not disclose to the public. The bank said they did not publicly comment on their investment policies and strategic decisions.

As of December 10, 2019, the Central Bank of Bosnia and Herzegovina has 96,000 ounces (about three tonnes) of gold, whose market value at that date is 247 million BAM, was stated to Nezavisne newspapers.

Asked by Nezavisne whether they plan to buy gold, as reported by foreign media that many central banks do around the world, the Central Bank of Bosnia and Herzegovina (CB BiH) said that the decisions of this bank in the field of investing foreign reserves in gold are based on appropriate restrictions and guidelines laid down by law and regulation.

“In addition, investment decisions on the purchase and sale of gold are based on the available analysis, expectations and strategic commitment of the CBBH. The CBBH, like other central banks around the world, does not publish or publicly comment on its investment policies and strategic decisions,” they emphasized.

Central banks around the world are buying huge amounts of gold, as gold prices are projected to rise to 1,600 dollars an ounce (about 30 grams) over the next year.

Central bankers have been voracious buyers of gold during the last two years, and analysts look for that trend to continue in 2020.

Through the end of October, net official-sector purchases this year totaled 562 metric tons, reported Alistair Hewitt, director of market intelligence with the World Gold Council. That 56.2-tons-a-month average puts sales on pace to roughly match the 656 tons bought in 2018, which were the most central-bank purchases since 1967, according to WGC data.

Goldman Sachs looks for global central banks to collectively acquire around 650 tons in 2020, while Standard Chartered is projecting central-bank purchases will total 525 tons.

 

 

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