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"Nor is there any official target amount of gold purchases.
But deregulation has seen an explosion in gold purchases.
There was more loosening in 1996 when Gokhran, a state agency that formerly had a monopoly on gold purchases, surrendered that role.
UBC's huge gold purchases had raised suspicions that the bank was in fact a "secret nest egg" hidden in New York for Thyssen and other Nazi bigwigs.
He said central banks were turning back to gold purchases in line with a century of practice between 1870 and 1970.
Mindful of the hyperinflation that wreaked havoc in Germany during the 1920s, German investors have been at the forefront of gold purchases in Europe.
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The restless Italian Secret sauce Reprints Related items India's gold purchase: Adornment and investmentNov 5th 2009Mr Draghi has shuttled to and from Italy throughout his career.
James K. Galbraith, an economist and public policy professor at the University of Texas, however, cautioned that investors who are considering a gold purchase now, either to hold or trade, should "be prepared to take a bath".
Rather, an investor receives a certificate listing the amount of the gold purchased, while a bank or other organization obtains and holds onto the metal on behalf of the certificate owner.
Look for black and gold Purchase pipe cleaners and a pipe nail.
India is the world's biggest consumer of gold, with purchases an essential part of religious festivals and weddings.
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