Financial Times/Harry Dempsey/12-30-2022
“Central banks are scooping up gold at the fastest pace since 1967, with analysts pinning China and Russia as big buyers in an indication that some nations are keen to diversify their reserves away from the dollar.”
USAGOLD note: We have likened the current central bank gold-buying spree to a similar event in the late 1960s when European nation-states drained gold from the U.S. Treasury to buttress their reserves against dollar debasement. FT makes the same reference in this article. Ultimately, the United States was forced to devalue the dollar and dismantle the Bretton Woods monetary architecture, giving birth to the fiat money and launching a decade-long bull market in gold. The World Gold Council estimates central banks bought 673 tonnes thus far in 2022 – the largest annual amount in 55 years.