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Central banks load up on gold in response to rising geopolitical tensions
And the Financial Times actually acknowledges it!
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By Daria Mosolova
Financial Times, London
Sunday, April 23, 2023
Central bankers who manage trillions in foreign exchange reserves are loading up on gold as geopolitical tensions including the war in Ukraine force them to rethink their investment strategies.
An annual poll of 83 central banks, which manage a combined $7 trillion in foreign exchange assets, found that more than two-thirds of respondents thought their peers would increase their gold holdings in 2023.
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Bullion tends to become more attractive in times of instability, and demand has soared over the past year. The amount of gold bought by central banks rose by 152% year on year in 2022 to 1,136 tonnes, according to the World Gold Council, a trade body.
Most reserve managers surveyed rated geopolitical risk as one of their most important concerns -- second only to high inflation -- according to the HSBC Reserve Management Trends Survey published by Central Banking Publications.
More than 40% of respondents listed it as one of their top risk factors, compared with 23% in last year’s poll.
Around a third of those polled had changed, or were planning to change, the assets they purchase owing to tensions such as Russia's invasion of Ukraine and worsening U.S.-China relations. ...
... For the remainder of the report:
https://www.ft.com/content/631003da-2bf0-4e08-aece-6a8ade9260d2
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