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Central bank gold buying is highest since financial system broke 55 years ago
By Harry Dempsey
Financial Times, London
Thursday, December 29, 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.
Data compiled the World Gold Council, an industry-funded group, has shown demand for the precious metal has outstripped any annual amount in the past 55 years.
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Last month's estimates are also far larger than central banks' official reported figures, sparking speculation in the industry over the identity of the buyers and their motivations.
The flight of central banks to gold "would suggest the geopolitical backdrop is one of mistrust, doubt, and uncertainty” after the U.S. and its allies froze Russia's dollar reserves, said Adrian Ash, head of research at BullionVault, a gold marketplace.
The last time this level of buying was seen marked a historical turning point for the global monetary system. In 1967 European central banks bought massive volumes of gold from the U.S., leading to a run on the price and the collapse of the London Gold Pool of reserves. That hastened the eventual demise of the Bretton Woods System that tied the value of the U.S. dollar to the precious metal. ...
... For the remainder of the report:
https://www.ft.com/content/e0983ebb-bbe0-4d33-8517-e19fa06e1a77
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