Gold is acting as a balancing reserve in global trade, Luke Gromen notes - Traders Union
Gold is acting as a balancing reserve in global trade, Luke Gromen notes - Traders Union
Source: Traders Union
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DW NOTE
Luke Gromen observes the obvious: central banks bought 1,081 tonnes of gold in 2023 — the second-highest year on record — because dollars held in reserve can be frozen, as Russia learned when $300 billion vanished from correspondent accounts in February 2022. Gold sits in your vault or it doesn't; no one needs correspondent banking to clear the settlement.