Researcher says large holdings can be justified, but only for some purposes
Róbert Rékási speaks to Central Banking about how Covid-19 has changed gold investment trends
The price of gold has skyrocketed this year, but central banks have not flocked to invest as they have done in the past, write Rachael King and Victor Mendez‑Barreira.
Reserve managers share their views on future gold holdings, target allocations, purchasing and storage approaches, the use of ETFs, and the impact of Covid-19, in the results of a new joint Central Banking-Invesco survey. By Nick Carver and Robert Pringle
Key survey data and comments reinforce the main findings in Invesco’s central bank reserve management white paper on the revival of gold as a reserve asset.
In a year of exceptional circumstances – especially true for gold, which, in August, saw an all-time high price – Invesco explores how pandemic-driven uncertainty has returned the precious metal to the spotlight of the global monetary system.
Sales by gold producers Turkey and Uzbekistan lead decline in global holdings
Average gold holdings on the continent stand at 10.6 million ounces
Negative sovereign yields boost gold’s attractiveness among reserve managers
World Gold Council says demand for gold-based ETFs has boosted prices
Lawyers for Maduro regime say they will appeal over access to $1 billion store
Authorities say they need $1 billion to fund response to Covid-19 crisis
New Fed facility may further reduce incentives to buy gold, Hungarian official says
Central banks purchased 156 tonnes in third quarter of year, 38% less than a year earlier, WGC figures show
Poland’s move and others pushed by negative rates, political uncertainty and changing monetary system, experts say
The end of the Central Bank Gold Agreement could herald the return of gold as a key reserve asset
Robert Pringle reveals details of Mbeki’s appeal to central bankers
Bretton Woods never worked as intended due in part to persistence of gold standard practices
Legislature aims to prevent Maduro’s regime from accessing gold and foreign currency reserves
Reserve managers reveal their top counterparties
Official reserve managers bought 145.5 tonnes last quarter, a 68% increase from Q1 2018
Regime could exhaust gold reserves in 2019 if sales continue at current rate