Gold regains a role for reserve centres

While all the publicity in recent years has been on sales of gold by some central banks, behind the scenes gold has been making a comeback in its traditional role as a reserve asset for countries that issue reserve currencies. Gold is now the single most important reserve asset for both the United States and the European central banking system.

Sound backing

Historically, issuers of reserve currencies invariably backed their currencies with gold. Like the United Kingdom before it, the United

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