Mexico and the Gold Standard

According to the data, the central bank of Mexico bought 93.3 tons of bullion over the two-month period, vastly increasing its total reserves, which stood at just 6.9 tons in January.

"Prior to this, they held very little metal, so it is a decent size change," Spall said. "People are going to view this as bullish and will now be closely watching other countries in the region and elsewhere for further changes."

In a statement late Wednesday, the Bank of Mexico said the gold holdings represent about 4% of Mexico's international reserves and the purchases are part of the bank's policy regarding investments and diversification of assets.

HT DumpDC