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Metals Minute 190: Central Banks Growing Gold

Surge: Central Banks Boosting Gold Reserves

June 01, 2023377 view(s)

We see gold rising a fraction over the last week to $1,975, silver 1.3% higher to $23.67, platinum 2.8% lower to $1,011, and palladium down 2% to $1,415.

Since a year ago today, we have gold 7.5% higher, silver up 9.8%, platinum up 4%, and palladium, the outlier, down 30%.

A recent survey of world central banks reveals that nearly 1/4 plan to purchase more gold within the next year, while nearly 3/4 (71%) expect gold to make up a higher allocation of their reserves over the next year.  This is because even those banks that do not plan to purchase more gold expect their current gold holdings to increase in value while other fiat-based assets may fall in value.  

Dollars are expected to play a smaller role in reserve assets, with half of central banks expecting dollar reserves of 40-50% (a decrease) of total reserves.  China has announced over $582 billion worth of currency settlement agreements with more than 40 countries, denominated in Yuan rather than dollars.

With decreased dollar usage worldwide amidst higher food and commodity prices going forward, it is important to take a cue from central banks and increase our individual reserves of precious metals.

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