The Biggest Buyers of Gold Continue to Buy More

Central Banks… the biggest monetary megatrend of all time!

The world’s central banks just keep on doing what you should be doing.  They keep exchanging U.S. dollars for gold!

The numbers are in for the second quarter of 2024.  Not only was total gold demand for the second quarter the highest on record, according to the World Gold Council, a trade association, central banks increased their gold purchases six percent over the same quarter a year earlier, acquiring 184 tons of gold in the quarter.  

The first half of 2024 also set a record for central bank gold buying.

Central banks are buying gold, “for portfolio protection and diversification,” said the WGC.

According to the 2024 Central Bank Gold Reserves (CBGR) survey conducted between 19 February and 30 April with a total of 70 responses, “29 percent  of central banks respondents intend to increase their gold reserves in the next twelve months, the highest level we have observed since we began this survey in 2018.”

62 percent of central banks said they expect the US dollar’s share of foreign exchange reserves will be significantly or moderately lower in five years.  69 percent expect gold’s share of reserves to be moderately or significantly higher in five years/

We have called central bank gold purchases the world’s most important monetary megatrend.  Their reluctance to be held hostage by the mismanagement of the US dollar should be a warning to individual investors as well.

To find out more, speak with a Republic Monetary Exchange gold and silver professional today.