INDIA For the past 20 years central banks have been in the grip of anti-gold sentiment.
European monetary authorities sold huge amounts of bullion, while Asian countries opted to hoard US Treasuries as the main reserve asset. As a result, by last year the share of gold in the world’s official reserves had plunged to a record low of 10.3 per cent, down from 32.7 per cent in 1989.
