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Record central bank gold rush has been triggered by fears of Western sanctions
By Tom Rees
The Telegraph, London
Sunday, December 18, 2022
A record central bank gold rush has been triggered by fears of Western sanctions after Russia was made a pariah state in the wake of its invasion of Ukraine, according to the World Gold Council.
Officials in many countries outside the West are rethinking their foreign currency reserves after the sanctions meant Russia’s central bank lost the use of its war chest, hampering its ability to protect the ruble and its banking system.
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Central banks snapped up more gold in the first nine months of 2022 than all the annual totals since 1967, according to the WGC. Almost 400 tonnes of gold were bought by central banks in the third quarter, quadruple the amount acquired in the same period a year earlier.
John Reade, chief market strategist at the WGC, said: “At the margin, it served to increase the tendency of emerging market central banks to diversify away from the reserve currencies they have in their portfolio, and add to gold.
“It certainly made them think about what international reserves mean, what they should hold, how they should hold them.” ...
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