Shifting ground – how geopolitics is reshaping growth, monetary policy and the role of gold as a reserve asset
Keynote speech by Dr Joachim Nagel, President of the Deutsche Bundesbank, at the Global Precious Metals Conference, Sorrento, 5 October 2026.
Source: BIS Central Bank Speeches
―
DW NOTE
The Bundesbank president is speaking at a gold conference while gold has fallen 22% in nine months and 10-year Bunds are presumably tracking Treasuries higher. That timing is either unfortunate or clarifying. When central banks talk up gold's role as a reserve hedge during a protracted drawdown, read it as portfolio justification for holdings accumulated at higher levels — or as a signal they intend to keep buying into the decline.