Central Banks To Buy Trillions Worth Of Gold, New Reports Say

It’s been just revealed that the central banks are getting ready to buy gold that’s worth trillions. Check out the latest reports coming amidst the massive financial crisis that the US is seeing these days.

Central banks to make massive moves

It’s been just reported the fact that the banking giant UBS says demand for gold from central banks around the world is likely to surge this year as countries back away from the US dollar.

In a brand new report, UBS said that it expects central banks to accumulate 700 metric tons of gold worth $48.74 billion this year.

UBS just stated that the central banks are likely to continue stockpiling gold in the coming months due to persistent inflation and geopolitical concerns.

“Last year marked the 13th consecutive year of net gold purchases by global central banks and the highest level of annual demand on record dating back to 1950.”

The same notes revealed this as well:

“At 1,078 metric tons in 2022, central banks’ buying of gold more than doubled from 450 metric tons in 2021. Based on the 1Q23 data from the World Gold Council, central banks are on track to buy around 700 metric tons of gold this year, much higher than the average since 2010 of below 500 metric tons.”

The US is in a financial crisis in 2023

Earlier today, we revealed that Germany has officially announced that the country entered a recession. Here’s an important tweet that Rich Dad, Poor Dad author, dropped.

Someone dropped the following comment:

“As long as manufacturing continues to be their main economic pusher, they cannot ho Bankrupt. If you build it someone will want it. And Germans are pretty good at building. They will just need to restructure.”

Stay tuned for more news from the financial space.

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