Central Banks bought a record amount of #gold in 1H half 2023. No surprise as Fitch’s downgrade US debt may accelerate de-dollarisation as USD held as reserves fell to 58% lowest level in 25 yrs. China’s gold reserves have grown by 165 tonnes – and 103T was bought in 2023 alone. pic.twitter.com/aAsRwXq7xR
— Mario Stifano (@Mario_Stifano) August 6, 2023
This is not financial advice.
Central banks buying gold in the first two months of 2023. It could just be for the BRICS currency which is like a currency created by China, Russia and India that is backed by gold. They could also be accumulating for when the dollar crashes hard. It is predicted that the next-next presidential election or in the 2029 -3033, there will be a financial collapse. It is a possible future. There’s a lot of talk about buying gold and silver to protect yourself from the financial collapse. I think people are getting around $50k gold and silver for backup purposes. Still a long time, I can still save up and do more research. I heard gold deteriorates and need to be kept well. It seems like this type of investment has a lot of hassles and chores. But still, might be worth it to have a few in case financial does happen.