Gold is glittering again. Last year, central banks purchased a record amount of the precious metal. But who did the buying, and who maintains the largest global gold reserve holdings? For now, the United States still leads the world in reserves, with more than 8,000 tons. The next closest is Germany, with roughly 3,500 tons. […]
Gold
Central banks purchased 400 tons of gold in first nine months of 2022
Are central banks preparing for the end of times? It certainly looks like it, as net purchases in the first nine months of 2022 doubled from the same period in the previous year. Here is a chart courtesy of Metals Focus, which compiled data from Bloomberg and U.S. Global Investors:
Ghana to buy crude oil with gold rather than U.S. dollars in first quarter of 2023
You can add Ghana to the list of countries that are getting off the U.S. dollar and transitioning away from relying on the greenback hegemony. Ghana’s Vice-President Mahamudu Bawumia announced on Facebook on Thursday that his government is forming a new policy to purchase crude oil products with gold instead of U.S. dollar reserves. The […]
Central banks were net buyers of gold, World Gold Council data show
Gold prices have tanked since March, driven by the Federal Reserve’s tightening crusade that has lifted the US dollar. Central banks took advantage of the discounts by adding more than 20 tons of gold to their reserves in August, according to the World Gold Council (WGC). The report found that three institutions drove the buying […]