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Central banks accelerate shift from dollar to gold
By Haruki Kitagawa
Nikkei, Tokyo
Wednesday, December 29, 2021
TOKYO -- Central banks are increasing the gold they hold in foreign exchange reserves, bringing the total to a 31-year high in 2021.
Central banks have built up their gold reserves by more than 4,500 tons over the past decade, according to the World Gold Council, the international research organization of the gold industry. As of September the reserves totaled roughly 36,000 tons, the largest since 1990 and up 15% from a decade earlier.
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The value of the dollar against gold has dropped sharply over the last decade as large-scale monetary relaxation has kept boosting the supply of the U.S. currency. Although the U.S. Federal Reserve is starting to tighten its grip on credit, other central banks continue their shift to gold, reflecting global concerns about the dollar-based monetary regime.
Gold is not directly linked to any nation's economy and can withstand global unrest in financial markets, Adam Glapinski, president of the National Bank of Poland, was quoted by local media as saying in September as he explained the Polish central bank's buildup of gold reserves. The NBP bought some 100 tons of gold in 2019 and continues to purchase the yellow metal.
The purchase of gold by emerging economies is continuing. In the first nine months of 2021, Thailand bought some 90 tons, India 70 tons and Brazil 60 tons. ...
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