Central banks bought a record 483 tonnes of gold in the first half of 2024, sending the price to an all-time high. This is 5% higher than the previous record of 460 tonnes in the first half of 2024.
Which central banks are buying the most gold?
The National Bank of Poland, the Reserve Bank of India and the Central Bank of Turkey were the largest central banks when it came to buying gold in the past period. In late August, Adam Glapinski, the governor of the Bank of Poland, announced that his central bank would continue to buy gold heavily.
The ultimate goal is to make gold about 20% of reserves.
Tolou Capital Management founder Spencer Hakimian draws an interesting conclusion based on these figures: “China, India, Russia and Saudi Arabia no longer trust owning Western assets. Gold is the only neutral and non-volatile reserve asset.”
These were the largest central banks in Q2 2024 when it comes to buying gold, according to the World Gold Council. These are not the countries you would expect to be at the top. You would rather expect names like China, Russia and perhaps even the United States.
Is Gold Making the Dollar Unstable?
If tech entrepreneur Kim Dotcom is to be believed, a new gold-backed stablecoin from the BRICS countries could cause the dollar to become unstable, with China, Russia, India and more reportedly losing trust in America and the rest of the Western financial system.
The creation of a gold-backed BRICS currency would be the result. “If the gold-backed BRICS stablecoin comes into circulation, the US dollar will fall sharply and central banks will abandon USD and the US money-printing pyramid scheme will burn. 14% of global GDP will move from America to other countries in 2030,” Kim Dotcom predicts.
Meanwhile, “Global Markets Investor” claims that gold has seen one of the best runs in history. The precious metal is up more than 23% this year, beating the S&P 500, but Bitcoin is still outperforming.
Bitcoin is poised to rise by over 35% by 2024, making it the winner this year.
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Source: https://newsbit.nl/centrale-banken-kopen-recordhoeveelheid-goud-maar-bitcoin-presteert-beter/
