Daily Gold Market Report

Gold’s Timeless Value in the Age of Digital Currencies and De-dollarization 
93% Of Monetary Authorities Around The World Are Considering Central Bank Digital Currencies (CBDC)

(USAGOLD – 9/27/2023) Gold and Silver are under continued pressure for a third day in a row this week. Gold is down $9.26 to $1891.39. Silver is down 22 cents to $22.63. An article from Markets Insider highlights that approximately 93% of global central banks are investigating the potential of introducing their own digital currencies. These central bank digital currencies (CBDCs) have the potential to enhance local-currency payments and further the de-dollarization movement, as stated in a research paper by the International Monetary Fund (IMF) staff. China has already launched a digital yuan, and Russia is progressing with plans for a digital version of the ruble. The introduction of CBDCs in dollarized or euroized economies could promote a more significant use of the local currency, making it a more appealing payment method. The Hong Kong Monetary Authority (HKMA) is set to expand its mBridge central bank digital currency (CBDC) initiative in response to the global trend of moving away from transactions in the U.S. dollar. The mBridge project, a collaboration involving multiple central banks and commercial banks, as a pivotal component in HKMA’s future plans. The platform aims to expedite cross-border payments, reduce costs, and enhance transparency.

USAGOLD Comment: The move towards CBDCs and de-dollarization signifies a shift in the global financial landscape, the importance of freedom, and gold ownership. As countries look for alternatives to the US dollar, it underscores the value of having diversified assets like gold, which has historically been a store of value and a hedge against economic uncertainties. Gold ownership provides individuals with financial freedom and independence from centralized monetary systems, ensuring that their wealth is preserved regardless of fluctuations in fiat currencies or geopolitical tensions. The exploration of CBDCs by central banks further emphasizes the need for individuals to have control over their assets and the freedom to choose where they store their wealth.


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