Why are the central banks secretly buying gold

The New York Sun/Editorial staff/1-2-2023

“So does ‘the flight of central banks to gold,’ as the FT puts it, signal that the world’s central banks see the error of abandoning sound money? The last time gold was bought at this pace, the FT says, it ‘marked a historical turning point for the global monetary system.’ Then, Europe’s central banks were buying ‘massive volumes of gold from the US,’ prompting ‘the collapse of the London Gold Pool of reserves.’”

USAGOLD note: Much food for thought in this New York Sun editorial……Of special note, the prospect of sovereign wealth funds in the Middle East buying gold sub rosa with oil revenues, and the Sun ending with the observation that in the context of a breakdown in the current monetary system it is “easy to understand the logic of buying gold.”