Interview: George Milling-Stanley


Central banks turned net buyers of gold in 2010 after 20 years of selling. What was behind that change?

I would put it in a ‘further back' perspective. In 1845, there were two central banks that owned gold: the Bank of England and Banque de France. Together they owned around 85 tonnes. By 1968, there were 120 central banks that owned gold and they owned just shy of 40,000 metric tonnes. They were net buyers for the period 1845-1968. That was the norm. During the 1970s and early 1980s sometimes t