February 28, 2023
Facts Matter
Why Russia and China Are Stockpiling Gold; Central Banks Quietly Buying Gold at Fastest Pace in 55 Years | Facts Matter
China and Russia have been stockpiling massive amounts of physical gold. However, it’s not just those two countries.
Looking across the entire world, it seems like most central banks are in the process of increasing their stockpiles of gold. In fact, according to the World Gold Council, central banks bought a record 399 tons of gold just in the third quarter of last year alone, and that’s the most recent data point that we have access to. This means that the central banks are buying up gold at the fastest pace in the last 55 years, which is notable because 55 years ago, the U.S. dollar was actually backed by gold, and most other currencies were tethered to the U.S. dollar. However, now, the U.S. dollar is backed by nothing.
Episode Resources:
? American Hartford Gold:
? Central Bank Buying:
? China:
? India Silver Purchases:
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