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Jan Nieuwenhuijs: Estimated official gold holdings reach record high
By Jan Nieuwenhuijs
Gainesville Coins, Lutz, Florida
Friday, September 22, 2023
My estimation of global official gold reserves hit 38,764 tonnes in Q2 2023, breaking its previous record from 1965.
The new high confirms the world has entered a new era of gold. Central banks will continue to accumulate gold and the metal's role in the international monetary system will increase to the detriment of the U.S. dollar.
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Analysts widely use the International Monetary Fund calculation for total official gold holdings, though what is usually overlooked is that this number is an estimate by the fund.
As mentioned in my previous article on the official gold reserves of China, not every central bank is transparent about its gold holdings. The People's Bank of China reports having 2,113 tonnes, while it’s an open secret in the gold industry the PBoC owns much more than that—about 5,000 tonnes, according to my analysis.
Another example: The central bank of Syria stopped reporting its gold holdings in 2011. For Syria's computation of world holdings, the IMF carries forward the last known data point, assuming Syria still holds 26 tonnes.
My personal evaluation of global official gold reserves is largely based on how the IMF compiles its world series, the main difference being "unreported purchases" traced by industry insiders that I include in my data. ...
... For the remainder of the analysis:
https://www.gainesvillecoins.com/blog/estimated-world-official-gold-holdings-reach-record-high
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