Central banks



  • Globally, central banks and supranational organisations – such as the International Monetary Fund and the Bank of International Settlements – currently hold almost 34,000 tonnes of gold as reserve assets (17% of total aboveground stocks).
  • While safety and liquidity are paramount for reserve managers, returns are important too: gold has provided an average annual return of nearly 10% in US dollars since 1971.
  • Central banks may base their investment strategy on numerous factors, but the primary reasons for recent gold buying are: heightened economic and political risks, low and negative interest rates, and allocation rebalancing.

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