Why the world’s central banks are going gaga over gold
“They are snapping up the metal at the fastest rate in almost half a century in a trend that looks set to continue. Over the 12 months through March 31, they purchased a whopping 715.7 metric tons of gold bullion worth around $29.4 billion, according to a recently published report from the industry group World Gold Council.”
USAGOLD note: The gold repatriation movement is part of the same process. Global central banks are hedging their bets and establishing or building a line item on their balance sheet apart from the U.S. dollar and other paper currencies, detached from counter-party risk, and liquid at a moment’s notice anywhere in the world.
Image: Swiss National Bank gold reserves (1975)
Repost from 10-28-2019