The canary in the goldmine

Gold accumulation may herald broader concerns about dollar holdings, writes Jennifer Johnson-Calari

Gold bars

The international monetary system experienced a watershed in 1971 when the US government unilaterally unhitched its currency from gold. For millennia, gold and silver underpinned the international monetary system – either directly or through government guarantees of the convertibility of local tender into precious metals.

Nearly 30 years later, in 1999, central banks began divesting their gold stocks. But in 2008, at the time of the great financial crisis, this trend abruptly reversed and has

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account