Central banks favour gold over dollar for reserves, WGC survey

Reuters ^ | 17 June 25 | Reuters

[delta7]

LONDON, June 17 (Reuters) - Central banks around the world expect their gold holdings as a proportion of their reserves to increase over the next five years while expecting their dollar reserves to be lower, a survey by the World Gold Council (WGC) showed. Gold demand from central banks has risen significantly over the past three years despite its price rally to consecutive records. It hit an all-time high of $3,500.05 an ounce in April, up 95% since February 2022 when Russia invaded Ukraine…. Seventy three central banks responded to WGC's survey, carried out between February 25 and May 20, and 76% of these expect their gold holdings to be higher in five years compared with 69% last year. Nearly three-quarters of respondents expected central banks' dollar-denominated reserves to be lower in five years compared with 62% last year. "Gold’s performance during times of crisis, portfolio diversification and inflation hedging are some key themes driving plans to accumulate more gold over the coming year," WGC said in a release. Central banks have accumulated more than 1,000 metric tons of gold in each of the last three years, WGC said, adding that this represented a significant rise from the 400-500 ton average in the preceding decade.

[delta7]

Those who hold the Gold, make the rules….Trump had better make good on his Ft Knox audit promise….which has gone silent.

….entering the stage…China and Russia…discovery phase dead ahead.

[armourenthusiast]

The last time I looked, years ago it was $1200 an ounce. Does that mean that inflation has risen 300%?

[XRdsRev]

An emergency Fort Knox audit is a waste of money. The gold is there, it has always been there. It is partially inventoried periodically (different from a full audit which takes years to complete). Nobody can just waltz into the Fort Knox repository and add or remove gold. Just to get into the main vault requires 12 different people to complete the combination (each person only knows a segment of the full lock combination). Everything is on camera (live and recorded) and the repository sits out in the open on a US military base in full view of countless people.

The whole idea was stupid to begin with and the idea that it would be televised was utterly ridiculous. That made as much sense as taking cameras into a top secret facility (which in essence, the repository actually is).

[Socon-Econ]

They’ll favor gold even more if Trump forces interest rates — the incentive for holding dollars— lower.

[Ruy Dias de Bivar]

People were demanding an inventory of Ft KNOX GOLD fifty eight years ago to prove there was gold in there.

I am reminded of the movie KELLY’S HEROES in which they steal nazi gold. Dad was with Patton’s Third Army. They found a bank which had been hit by a bomb and gold bars everywhere. As it is written in the ACORN DIVISION history, “We had to put it all back.”

[XRdsRev]

The gold is partially inventoried (storage location by storage location) every few years with assayers and witnesses. People who think the gold is gone, watch wayyyy too many movies.