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Central Bank Gold Buying
From robinjbrooks.substack.com
Two weeks ago, I debunked a chart that’s being widely circulated to make the false claim that emerging market (EM) central banks are piling into gold and out of the US Dollar. That chart shows EM central bank gold holdings in percent of total reserves, a line that’s rising sharply alongside the gold price. This chart gets used all over the place to tell tall tales about how Russia sanctions are driving EM reserve managers out of the Dollar, but it’s all bogus. The reason gold in percent of total reserves is rising so much is because the gold price is rising. That’s inflating the value of gold holdings ... (full story)