The company blamed its Q2 content slate and price increases for the subscriber miss.Technologyread more
Corporate earnings forecasts for the second quarter were lowered so much that companies are easily beating them.Market Insiderread more
The central bank is not normally in the business of easing into an economy that is showing few signs of a recession, generally holding fire until more pronounced signs of a...The Fedread more
IBM's year-over-year revenue has now declined for four quarters in a row. Impact from Red Hat is not yet factored into the company's guidance.Technologyread more
Netflix can sustain its lofty valuation only if global subscriber growth can support increasing content spending and debt. And growth is entirely dependent on Netflix's...Technologyread more
Prosecutors in Masschusetts have dropped a criminal case against actor Kevin Spacey, who had been accused of groping an 18-year-old man.Entertainmentread more
Challenging conditions in the U.S. housing market, along with tighter currency controls by the Chinese government, cause a stunning drop in foreign demand for American homes.Real Estateread more
Trade negotiations between the world's two largest economies are stuck at a standstill, the Wall Street Journal reported Wednesday.Marketsread more
House Speaker Nancy Pelosi says she wants her chamber to vote on a debt ceiling and budget deal by July 26.Politicsread more
Philips has acquired a start-up that texts you about your poop. That's Medumo, a Boston-based company, which works with hospitals to guide their patients through common...Technologyread more
The "'Cadillac tax," set to go into effect in 2022, is unpopular with both Republicans and Democrats, who say it punishes the middle class.Health and Scienceread more
The amount of gold bought by central banks in 2018 reached the second highest annual total on record, according to the World Gold Council (WGC).
Central banks bought the most gold by volume since 1967, according to the industry research firm, which also highlighted it was the largest amount since former U.S. President Nixon Richard's decision to end the dollar's peg to bullion in 1971.
Central bank net purchases reached 651.5 metric tons in 2018, 74 percent higher than in the previous year when 375 tons were bought. The WGC has estimated that central banks now hold nearly 34,000 tons of gold.
The Federal Reserve is reported to hold the most, amounting for almost three quarters of the nation's foreign-exchange reserve pot.
Taking the current spot price of $1,321.15 per troy ounce, gold purchases by central banks in 2018 amounted to a $27.7 billion spending splurge on the precious metal.
"Heightened geopolitical and economic uncertainty throughout the year increasingly drove central banks to diversify their reserves and re-focus their attention on the principal objective of investing in safe and liquid assets," said the report released on Thursday.
The WGC said the bulk of the buying was carried out by a handful of central banks with Russia leading the way as it looks to swap out dollars from its portfolio. The Russian central bank sold almost all of its U.S. Treasury stock to buy 274.3 tons of gold in 2018.
The central bank of Turkey increased gold reserves by 51.5 tons in 2018. That marked a second consecutive year of net purchases but was 40 percent lower than the volume it bought in 2017.
Other big central bank buyers were Kazakhstan, India, Iraq, Poland and Hungary.
Net sales of gold from central banks remained small, totaling less than 15 tons. Australia, Germany, Sri Lanka, Indonesia and Ukraine accounted for almost all of that figure.
WGC said total gold demand in 2018 reached a total of 4,345.1 tons. The biggest demand came from jewelry which, while flat on the 2017 figure, accounted for just over half of the total. Bars and coins contributed 1,090 tons in 2018, marking a 4 percent rise from the previous year. Gold used in technology climbed marginally to 334.6 tons.
The price of gold has risen around 9 percent in the last three months.