by Peter Schiff, Schiff Gold:

After three straight months of net sales, central banks globally became net buyers of gold again in June.

On net, central banks bought 55 tons of gold in June as the Central Bank of Turkey switched from selling back to buying, according to the most recent data compiled by the World Gold Council.

Over the previous three months, Turkey reduced its gold holdings by 160 tons. According to the World Gold Council, this was a specific response to local market dynamics and didn’t likely reflect a change in the Turkish central bank’s long-term gold strategy. “Gold was sold into Turkey’s domestic market to satisfy very strong bar, coin and jewelry demand following a temporary partial ban on gold bullion imports, a WGC report said.