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Bloomberg/Ranjeetha Pakiam, Misha Savic and Eddie Spence/7-4-2021
“The recovery in global trade is bolstering the current accounts of emerging market nations, giving their central banks the option of buying more gold.”
USAGOLD note: Central banks and private investors buy gold for the same reasons – as a store of value and to diversify their holdings. Though the 1000-tonne projection would be a strong showing it is roughly 15% less than the record-breaking 2018-2019 two-year period. These projections reflect the latest in a trend of central bank buying that began in the wake of the 2008 financial crisis. “If a central bank is looking at diversifying,” says HSBC’s James Steel, “gold is a marvelous way of moving out of the dollar without selecting another currency.”
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