Gold attempts recovery from yesterday’s selloff
Central bank gold reserves now back to 1970s levels, according to World Gold Council

(USAGOLD – 12/6/2022) – Gold is attempting to recover from yesterday’s selloff this morning as investors struggle to interpret Fed policy and its potential effect on financial markets. It is up $12 at $1782, regaining about a third of what it lost yesterday. Silver is up 28¢ at $22.60, likewise recovering about a third of yesterday’s losses. Yesterday’s selloff looked more like an act of sympathy with financial markets in general than something peculiar to precious metals. Central bank gold reserves are now back to levels last seen in the mid-1970s, says the World Gold Council. Standard Chartered sees gold rallying to $2250 in 2023, according to a Kitco report, as bitcoin falls to $5000, the cryptocrisis continues, and stocks resume their bear market.

Aggregate central bank gold holdings
(Metric tonnes, 1974-present)

Chart courtesy of the World Gold Council
Source: IMF IFS, Respective Central Banks, World Gold Council; Data as of 10/31/2022