Non-Western Nations On Gold-Buying Spree To “De-Dollarize”

[Swordsmyth]

Business daily Nikkei Asia is reporting that strategists have noted central banks all over the globe have stepped up their gold purchases due to Russia’s assets being frozen under Western sanctions earlier this year.

So far the US and its allies have frozen $300 billion in Russian foreign reserves, as well as billions more, that belonged to private individuals and businesses. Moscow has repeatedly called the seizures “theft.”

Regulators more than quadrupled their purchases of gold during the July to September period, purchasing 399.3 tons over the period, according to data from the World Gold Council’s November report.

More at: https://www.thefinancialtrends.com/2...-de-dollarize/

[Swordsmyth]

Gold Buying By Central Banks Hits 55 Year High

https://www.thefinancialtrends.com/2...-55-year-high/

[Bern]

Sanctions starting to bite as Russia goes from buying gold to selling it:

https://www.kitco.com/news/2023-02-0...5-billion.html

[devil21]

Sanctions starting to bite as Russia goes from buying gold to selling it:

https://www.kitco.com/news/2023-02-0...5-billion.html

Meh. 3.6 tons sold. Russia (officially) mines around 350 tons annually so while notable and worth watching to see if a trend develops, it's not a big sale by itself. It does make me wonder who the buyers were since importing Russian gold is (officially) banned due to those sanctions.

[Bern]

Singapore bought 44+ tons of gold in January.

https://www.bullionstar.com/blogs/ro...ly-200-tonnes/

China bought 24.9 tons in February.

https://www.kitco.com/news/2023-03-0...new-trend.html