Simon Constable interviewed CPM’s Jeffrey Christian about the persistent high levels of central bank gold demand over the past decade. The resulting article appeared on Forbes.com and is linked here.

The world’s central banks are on a gold buying spree that has lasted more than a decade. That’s the longest period of consistent gold acquisition by the official sector since the last gold link to international currency settlements was severed half a century ago.

This time the motivations of the buyers are different than they were back in the 1950s, and they are worrying in terms of what they say about central banks’ attitudes toward the international currency regime. That’s why investors should take note, Constable wrote.

In the distant past, central banks had to buy gold because of its vital role in the global financial system. Now they are choosing to do so because they are worried about the dollar. In other words, they’ve been scared into this bullion buying binge.

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