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
Lower yields remain the top worry of reserve managers in 2020, study finds
Perspectives on staffing, coverage, portfolio construction, benchmarking, external parties and risk
Average gold holdings on the continent stand at 10.6 million ounces
Average reserve management team size is less than 30 employees
Negative sovereign yields boost gold’s attractiveness among reserve managers
Official reserves declined from $46.7 billion in March to $33.5 billion in August
The DNB president talks about unconventional policy, inflation target ‘bands’ and ‘circuit-breaking’
World Gold Council says demand for gold-based ETFs has boosted prices
Central banks say gold helps replace negative-yielding sovereign bonds
Lawyers for Maduro regime say they will appeal over access to $1 billion store
BIS will not pay dividend for first time since 1950, as senior managers see further turbulence ahead
Majlis’s Tohid Atashbar writes that the central bank’s new inflation targeting approach may struggle to deliver
Lockdown represents another inflection point for central banks managing $12 trillion in FX reserves
Authorities say they need $1 billion to fund response to Covid-19 crisis
Turkish central bank loses battle to keep lira under 7 as reserves shrink, but pressures may be easing
SNB loses $39.1 billion as falls in equities wipe out gains on Swiss franc positions and gold holdings
New Fed facility may further reduce incentives to buy gold, Hungarian official says