The Overexposure of Emerging Market Central Bankers to Gold

emerging market central banks have been very significant bars, much bigger buyers than the selling that came out of Western Europe between 1989 and 2009. It's been accounting for between 10 to 15% of each year's total global gold demand which is very significant support for the price. And then there was another element that came in here, it's set to continue because in spite of 13 years of buying, they still have less than 5% of their reserves in gold on average. So that's going to continue, there's no question about that.