Global Central Banks continue to purchase record amounts of gold as Reserves. Under Basel III regulations, gold is today a Class 1 asset and, by design, they are preparing for a massive Gold Revaluation (against national Fiat Currencies) to take place when the current Fiat Debt System reaches its logical conclusion (collapse).
Central banks worldwide are amassing significant amounts of gold in their reserves. They increased their holdings by 228 tons during the first three months of 2023, setting a Q1 record. This represents a 38% increase compared to the previous record set in 2013.
Last year, central banks bought a total of 1,136 tons of gold, marking the highest level of net purchases since 1950. These purchases have continued for the past 13 years, even after the suspension of dollar convertibility into gold in 1971.
The World Gold Council highlights two main reasons behind central bank gold buying: its performance during times of crisis and its role as a long-term store of value. Given the geopolitical uncertainty and rising inflation witnessed in recent years, it comes as no surprise that central banks have chosen to increase their gold reserves at an accelerated pace.
Adam Glapiński, the Governor of the National Bank of Poland, summarized the rationale behind many central banks’ gold holdings.
“Gold is the ‘most reserve’ of reserve assets: it diversifies the geopolitical risk and is a kind of anchor of trust, especially in times of tension and crises.”
Adam Glapiński, the Governor of the National Bank of Poland
Most active gold buyers so far in 2023
The following central banks have been the most active in adding gold to their reserves this year, according to data from the World Gold Council:
- Singapore: 68.67 tons
- China: 57.85 tons
- Turkey: 30.21 tons
- The Czech Republic: 1.54 tons
Countries with the largest gold reserves.
The World Gold Council’s latest data reveals the top 20 gold hoarders:
- The United States: 8,133.5 tons (68.7% of total reserves)
- Germany: 3,354.9 tons (68.2% of total reserves)
- Italy: 2,451.8 tons (65.4% of total reserves)
- France: 2,436.8 tons (67% of total reserves)
- Russia: 2,326.5 tons (24.9% of total reserves)
- China: 2,068.4 tons (3.9% of total reserves)
- Switzerland: 1,040.0 tons (7.3% of total reserves)
- Japan: 846.0 tons (4.3% of total reserves)
- India: 794.6 tons (8.7% of total reserves)
- The Netherlands: 612.5 tons (57.7% of total reserves)
- Turkey: 572.0 tons (34.1% of total reserves)
- Taiwan: 423.6 tons (4.6% of total reserves)
- Portugal: 382.6 tons (70.1% of total reserves)
- Uzbekistan: 381.3 tons (68.5% of total reserves)
- Kazakhstan: 332.0 tons (58.5% of total reserves)
- Saudi Arabia: 323.1 tons (4.3% of total reserves)
- The United Kingdom: 310.3 tons (11.4% of total reserves)
- Lebanon: 286.8 tons (53.9% of total reserves)
- Spain: 281.6 tons (18.3% of total reserves)
- Austria: 280.0 tons (50.1% of total reserves)
If the International Monetary Fund (IMF) were considered a country, it would rank third in the world with its holding of 2,814.0 tons of gold. The European Central Bank holds 506.5 tons, placing it 13th among countries.
Source Article: https://schiffgold.com/key-gold-news/who-has-the-gold/
