Central banks and gold puzzles

  title={Central banks and gold puzzles},
  author={Joshua Aizenman and Kenta Inoue},
We study the curious patterns of gold holding and trading by central banks during 1979-2010. With the exception of several discrete step adjustments, central banks keep maintaining passive stocks of gold, independently of the patterns of the real price of gold. We also observe the synchronization of gold sales by central banks, as most reduced their positions in tandem, and their tendency to report international reserves valuation excluding gold positions. Our analysis suggests that the… CONTINUE READING


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