What/who could it be? 
Posted on 07/11/2023 12:30:53 PM PDT by kiryandil
An increasing number of countries are repatriating gold reserves as protection against the sort of sanctions imposed by the West on Russia, according to an Invesco survey of central bank and sovereign wealth funds published on Monday.
The financial market rout last year caused widespread losses for sovereign money managers who are "fundamentally" rethinking their strategies on the belief that higher inflation and geopolitical tensions are here to stay.
Over 85% of the 85 sovereign wealth funds and 57 central banks that took part in the annual Invesco Global Sovereign Asset Management Study believe that inflation will now be higher in the coming decade than in the last.
Gold and emerging market bonds are seen as good bets in that environment, but last year's freezing of almost half of Russia's $640 billion of gold and forex reserves by the West in response to the invasion of Ukraine also appears to have triggered a shift.
The survey showed a "substantial share" of central banks were concerned by the precedent that had been set. Almost 60% of respondents said it had made gold more attractive, while 68% were keeping reserves at home compared to 50% in 2020.
One central bank, quoted anonymously, said: "We did have it (gold) held in London... but now we've transferred it back to own country to hold as a safe haven asset and to keep it safe."
Rod Ringrow, Invesco's head of official institutions, who oversaw the report, said that is a broadly-held view.
"'If it's my gold then I want it in my country' (has) been the mantra we have seen in the last year or so," he said.
Geopolitical concerns, combined with opportunities in emerging markets, are also encouraging some central banks to diversify away from the dollar.
(Excerpt) Read more at reuters.com ...
How DARE these countries think that their gold isn’t the gold of the EU and US kleptocrats!
Geopolitical concerns, combined with opportunities in emerging markets, are also encouraging some central banks to diversify away from the dollar.
Hmmmm....something/someone seems to be missing from this statement. 🤔
Them sanctions are workin’ REAL good...
What/who could it be?
I’m sure it will be just as secure in the mud huts back home!
Didn’t the U.S. confiscate some of the Russian gold? I haven’t heard what happened after that. I suppose we could have said it belongs to Russia but we will return it to Putin’s successor and the end of the war in Ukraine.
Global economy heading for a major change. Bretton Woods 2.0.
Impounding Russian gold and money as western weapon was a profoundly short sighted tactic. It convinced other nations that if they do not follow our rules, we will grab their cash.
Having the reserve currency means you can’t use it for a weapon. If you do, you kill the goose that lays the golden eggs.
No sticky US or UK fingers in the mud huts...
"Short Pants" Blinken, "Cookies" and The Tater haven't figured that out yet.
” I suppose we could have said it belongs to Russia but we will return it to Putin’s successor and the end of the war in Ukraine.”
That is just as odious. “We will seize your assets and return it when someone we approve of is in charge, but we aren’t stealing it.”
If your banker did that to you, would you ever go there again? If you saw a bank do that to your neighbor, would you keep your account there?
I agree. I don't really like it because Putin's a thug. But since we've confiscated his stuff already, I'm in no hurry to return it to him. Especially because he will use it to fund his war machine in Ukraine.
Pretty sure they're not going to let known Nazis "cook" and do their thing. I'm sure there are regulations and if it's obvious one of their customers is about to commit a crime against humanity, then they'll do something about it.
Right ... it belongs to their own homegrown kleptocrats.
Known nazis? We didn’t confiscate Zelinskys gold.
Bottom line, we stole their money as a weapon against them. Now half the world is flipping us the finger and walking down the street to the BRICS.
Exactly why the potential for a new BRICs currency has grown exponentially.
Ever since learning about FDR’s forced confiscation(purchase) of all gold belonging to citizens of the USA for much less than it was worth, I choose not to own gold as an investment, because Democrats get elected too often.
Wise plan.
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