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Several countries including China, India, Russia, and Turkey are shifting towards gold as a store of value, representing approximately 3 billion people. The move is seen as a significant shift away from the US dollar towards gold, impacting foreign exchange reserves.
Research from @NewYorkFed finds the rise in Central Bank gold holdings since 2009 was driven by a few countries, with China and Russia accounting for over half of reported gold accumulation, not a widespread effort to diversify away from dollars. https://t.co/BkVrsSZMQF https://t.co/TIjzyZMU8l
I've been asked for years, "What is going to replace the USD?" My answer has always been"Nothing is going to replace the USD...but gold IS replacing USTs as primary global rsv asset." Sanctions on Russian FX rsvs makes this trend likely to continue.👇 Great chart by @JanGold_ https://t.co/med2gierIq
I've been asked for years, "What is going to replace the USD?" My answer has always been, "Nothing is going to replace the USD...but gold IS replacing USTs in FX reserves." US sanctions on Russian FX reserves makes this trend likely to continue.👇 Great chart by @JanGold_ https://t.co/rpAF2F9EUS