Gold in Central Bank Reserves: Strategic Considerations, Market Risks, and Practical Guidance - IMF eLibrary
Gold in Central Bank Reserves: Strategic Considerations, Market Risks, and Practical Guidance - IMF eLibrary
Source: IMF eLibrary
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DW NOTE
The IMF published a working paper on central banks holding gold at the exact moment gold is down 22% from its January peak and global CB reserves have shifted decisively toward it. Thirteen central banks bought net 1,037 tonnes in 2023 — more than any year since 1967 — while the Fund's own articles still treat gold as a legacy asset to be managed down. The paper will say gold is volatile and expensive to store. It will not say that every reserve manager who followed that advice and sold into dollars since 2020 is now underwater in real terms.