New survey shows central banks are starting to ditch the dollar and buy more gold instead — should you do the same?
New survey shows central banks are starting to ditch the dollar and buy more gold instead — should you do the same?
Source: Moneywise
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DW NOTE
Central banks bought 1,037 tonnes of gold in 2023 — their second-highest year on record — but most of that came from four countries trying to sanction-proof their reserves. China, Russia, Turkey, and Poland accounted for two-thirds of the buying. The survey says diversification; the reality is de-dollarisation by states that expect to be cut off from correspondent banking. Gold is at $4,030, down 24% from January's panic high. If you're buying what central banks bought six months ago during a geopolitical spike, you're not diversifying — you're chasing.