2022 Was a Record Year for Central Bank Gold Purchases

2022 Was a Record Year for Central Bank Gold Purchases

Prices and Charts

Change from last weeks gold and silver prices


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NZD Gold Up Just Under 3% Since 21 December

Gold in New Zealand dollars is up $83 since our last weekly update on 21 December. It jumped strongly off the 200 day moving average (MA) and made a higher high above $2925. We’re now watching to see if NZD gold can move up towards the 2022 high of $3050.

Gold in US dollars continued the strong up move that has been in play since early November. It has broken clearly above the 200 day MA and is closing in on US$1900 for the first time since April 2022. It looks like the next wave up for USD gold may have started. But it is close to being overbought so a pullback soon won’t be a surprise.

NZ Dollar Gold Chart


Conversely NZD Silver Was Down Just Under 3%

Meanwhile silver in NZ dollars was down just under 3% since our last update. During the holiday break it did push higher and get back above $39 per oz. But since then it has pulled back after hitting the multi year downtrend line again. Now silver is back in the low $37’s, but remains above the 50 day MA. That could be a good buy zone to watch for again. As NZD silver has held above that moving average line since September.

NZ Dollar Silver Chart


Not Much Change in NZ Dollar

Not Much Change in NZ Dollar
The New Zealand dollar is up just 20 basis points since 21 December. After hitting a new high for this move up, the Kiwi had pulled back from overbought on the RSI, to now be back in neutral territory. It has moved back up off the 200 day moving average. Could just quietly strengthen again from here.

NZ Dollar Chart

Need Help Understanding the Charts?

Check out this post if any of the terms we use when discussing the gold, silver and NZ Dollar charts are unknown to you:

Gold and Silver Technical Analysis: The Ultimate Beginners Guide

Continues below











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Gold and Silver Prices Held Up Well Over Holidays

Just before Christmas we reported how the low volume Christmas/New Year break is where we often see a spike down in gold and silver prices. This has occurred in 9 of the last 13 years. But in 2022/2023 prices actually rose during this low volume time.

An even stronger trend exists in terms of buying at the end of one year. Where in 10 of the last 11 years the price at the end of the next year has been higher. We’ll have to wait another year to see if that one plays out again.


Goldman Sachs: Whatever the Fed Does Should be Positive for Gold

Goldman Sachs trading desk analysts have a few reasons why gold will likely be higher in a year.

Fed and gold
Few thoughts from GS trading that are bullish gold:

1. If the Fed pivots too early and becomes dovish in a high inflation scenario, it could be bearish for the US dollar, which would help gold
2. If the Fed pivots too late and causes a bigger recession than is currently priced in, there could be a flight to safety, which would also help gold
3. When the rate hiking cycle ended in late 2018, gold marked its lows in late October-November of that year and was up 20% in 2019


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Recession Fears and Falling Business Earnings

Another factor that is likely to remain bullish for gold is the arrival of a recession.

Morgan Stanley’s Chief investment officer, Michael Wilson, has been probably the most vocal bear amongst the bank analysts in 2022. As The Market Ear points out below he has also been very accurate in his calls last year. This week he has been making the rounds saying to expect another 20% fall in US stock prices if the US enters a recession.

Wilson’s concern
Wilson’s main concern is that “…most are assuming “everyone is bearish” and, therefore, the price downside in a recession is also likely to be mild (SPX 3,500-3,600). On this score, the surprise might be how much lower stocks could trade (3,000) if a recession arrives”.

The earnings bear
Morgan Stanley’s Wilson has been very accurate in his calls during 2022. He says that the market attention is shifting from inflation/Fed to earnings and recession next. Leading indicators are basically indicating big cuts to earnings.






2022 Was a Record Year for Central Bank Gold Purchases

There has been strong demand for retail gold throughout most of 2022. Although with a slow up for the last couple of months of the year. Latest numbers show that central bank demand hasn’t slowed at all with China buying strongly in November and December. 2022 was a record year with over 400 tonnes of gold bought by central banks globally.

This week’s feature article looks at these central bank numbers with some interesting charts and then compares where the RBNZ sits against other central banks in terms of gold reserves.

You’ll discover:

  • Central Banks Buy Record Amounts of Gold in 2022
  • So is the‎ Reserve ‎Bank of New Zealand (RBNZ) Also Buying Gold?‎
  • How Does New Zealand Compare to the Leading Gold Holding Nations?
  • The Top 100 Gold Holders
  • Why the RBNZ is Very Unlikely to Buy Gold

How Much Gold Does the Reserve Bank of New Zealand Have in 2023?

What are central banks preparing for? They know what is going on. The slow but steady end of the USD as the world’s reserve currency.

Maybe you should be preparing for and doing the same thing?

For a quote on gold or silver:

  1. Email: orders@goldsurvivalguide.co.nz
  2. Phone: 0800 888 GOLD ( 0800 888 465 ) (or +64 9 2813898)
  3. or Shop Online with indicative pricing

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This Weeks Articles:

How Much Gold Does the Reserve Bank of New Zealand Have in 2023?

Wed, 11 Jan 2023 11:08 AM NZST


We’ve had the odd query from other New Zealanders asking, “how much gold does the Reserve ‎Bank of New Zealand (RBNZ) actually have?” Today we delve into this topic in depth… Our guess is people are probably asking because since the 2008 financial crisis net gold purchases by global central banks have switched from negative […]

The post How Much Gold Does the Reserve Bank of New Zealand Have in 2023? appeared first on Gold Survival Guide.

  Read More…

First Time Buyer Question: How is Gold Going to Trend in the Next 6 Months?

Tue, 20 Dec 2022 7:03 PM NZST



Here’s a couple of questions from a first time buyer, mainly looking at how we think gold is likely to trend over the next 6 months… Our reader asks: “How do you think gold is going to trend in the next 6 months? I have been watching the gold pricing charts… but it seems to […]

The post First Time Buyer Question: How is Gold Going to Trend in the Next 6 Months? appeared first on Gold Survival Guide.

  Read More…

Trend Change: USD Weakening from Here? Impact on NZD Gold?

Wed, 7 Dec 2022 12:58 PM NZST

us dollar weakening


The recent sharp reversal in the Kiwi dollar has prompted us to wonder, has the trend of the last year or so now changed from USD strength to weakness? If so, how will this affect the New Zealand dollar, and local NZ Dollar gold and silver prices? Longer Term – The USD May Have Changed […]

The post Trend Change: USD Weakening from Here? Impact on NZD Gold? appeared first on Gold Survival Guide.

  Read More…

When to Buy Gold or Silver: The Ultimate Guide (Nov 2022 Update )

Mon, 28 Nov 2022 1:01 PM NZST

When to Buy Gold or Silver


When to buy gold or silver is a question that can have multiple meanings. Firstly you might ask it from the point of view of when is a good time to buy precious metals (gold and silver) in general. This in turn could depend on fundamental reasons for buying gold and silver. Such as how […]

The post When to Buy Gold or Silver: The Ultimate Guide (Nov 2022 Update ) appeared first on Gold Survival Guide.

  Read More…

As always we are happy to answer any questions you have about buying gold or silver. In fact, we encourage them, as it often gives us something to write about. So if you have any get in touch.

  1. Email: orders@goldsurvivalguide.co.nz
  2. Phone: 0800 888 GOLD ( 0800 888 465 ) (or +64 9 2813898)
  3. or Online order form with indicative pricing

7 Reasons to Buy Gold & Silver via GoldSurvivalGuide

Today’s Prices to Buy
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$3,054.70 (dispatched in 7 days)
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1oz ABC Bullion Gold Minted Bar
1oz ABC gold bar
$3,100.50  (Not on website – email to order)
1oz Canadian Gold Maple 99.99% pure gold coin (2022)
Gold Maple
$3,159.20 (dispatched in 7 days)
1 oz RCM Silver Maple Coin

  Silver Monster Box
Tube of 25: $1,234.25 (pick up price – dispatched in 6 weeks)


Box of 500 coins (dispatched in 6 week):
2022 coins: $24,645.78

Backdated coins: $22,545.87
Including shipping/insurance (4 weeks delivery)



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  • 1 Kg = 32.15 Troy ounces
  • Request special pricing for larger orders such as monster box of Canadian maple silver coins
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Have a golden week!

David (and Glenn)
Ph: 0800 888 465
From outside NZ: +64 9 281 3898
email: orders@goldsurvivalguide.co.nz

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The Legal stuff – Disclaimer:
We are not financial advisors, accountants or lawyers. Any information we provide is not intended as investment or financial advice. It is merely information based upon our own experiences. The information we discuss is of a general nature and should merely be used as a place to start your own research and you definitely should conduct your own due diligence. You should seek professional investment or financial advice before making any decisions.

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