From: Zero Hedge
Gold appears to have broken out above resistance at $1,750/oz after consolidating between $1,600 and $1,750 in recent weeks.
Demand for gold bullion remains broad based and global in nature. One of the most important sources of demand continues to be central bank demand.
According to data from the IMF, central banks continue to be significant net buyers of gold. Mexico has added most to its reserves, with a net 83.7T of gold between January and September 2011, followed by Russia, which has added 59.3T this year, and Thailand, which has added 52.9T (see chart).