Global Central Bank Gold Holdings Rose to 36,000 Tons in 2021, Increase Attri...
The total quantity of gold held in reserves by central banks topped 36,000 tons for the first time since 1990, data from World Gold Council has shown. This increase follows growth in the banks’ reported holdings of the asset by 4,500 tons over the past decade. Dollar’s Decline a Boon for Gold The amount of gold held in reserves by central banks as of September 2021 grew to a new high of 36,000 tons for the first time since 1990. According to the World Gold Council (WGC), this increase in central banks’ gold holdings to a 31-year-high came after the....
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The Polish central bank, the National Bank of Poland (NBP), is reportedly planning to raise its gold reserves by 100 tons in 2022. According to bank governor Adam Glapinski, the objective of this decision is to prepare Poland for “the most unfavourable circumstances.”
Gold’s Safe Haven Status
In his remarks during an interview with the Gazeta Wroclawska newspaper, Glapinski explained why the NBP has chosen to increase its gold holdings. He said:
Why does the central bank own gold? Because gold will retain its value even when someone cuts off the power....
The incoming governor of the Czech National Bank (CNB), Aleš Michl, has said he plans to increase the institution’s gold holdings almost tenfold from the current 11 tonnes to 100 tonnes. Michl also said he will ask the bank’s foreign exchange reserves management team to invest in stocks. Growing the CNB’s Shareholding The incoming governor of the Czech National Bank (CNB), Aleš Michl, has said gold is good for diversification because “it has zero correlation with stocks.” Therefore, under his stewardship, the CNB hopes to increase its....
China has a very long history; it has seen times of economic boom and economic recession come and go, it is a nation that has learned the importance of thinking in the long term. Where America and Europe are like blue-collar workers planning on blowing their wages on a Friday night whereas China is more like their wealthy uncle planning on investing his pension surplus for the benefit of his children and grandchildren. Maybe we should pay more attention to what China is doing. In April 2009 the Peoples Bank of China (PBOC) surprised the world by announcing that it was holding 1,054 tons of....
The gold industry was shaken when it was discovered that 83 tons of fake gold bars were used to back loans worth 20 billion yuan in China. While Chinese authorities have not said whether the real gold exists or where it is, an insider claims to know what happened. The Mystery Behind the Chinese Scandal Involving 83 Tons of Fake Gold Bars One of China’s largest gold jewelry manufacturers, Kingold Jewelry Inc., was caught in a major fake gold scandal earlier this year. The company used 83 tons of gold bars to back loans worth 20 billion yuan ($3 billion) from 14 Chinese financial....
After a long break, monthly purchasing data shows that central banks are buying gold again. The World Gold Council says throughout March and April, the organization recorded a higher level of central bank monthly gold purchases and the latest data from May shows the exact same trend. Gold Rises After Data Shows Central Bank Gold Purchases Trend Higher The price of gold per ounce is hovering just above the $1,800 zone, after seeing some fresh gains following the weekend. Gold’s value jumped above its 100-day moving average and is changing hands for the highest price in two weeks. In....