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Jan Nieuwenjuijs: Gold overtakes euro in international reserves
By Jan Nieuwenjuijs
Gainesville Coins, Lutz, Florida
Thursday, May 30, 2024
Sturdy central bank gold buying since 2009 and a rising gold price has grown the precious metal's share of global international reserves to the detriment of fiat currencies. By the end of 2023 gold surpassed the euro and the next fiat currency to be challenged is the U.S. dollar.
Often when financial analysts draw charts on the distribution of international reserves they focus on foreign exchange (omitting gold) and start when the euro was introduced in 1999. Based on such charts the dollar's share of total reserves appears to be falling slowly, from a peak of 72% in 2001 to 58% in 2023.
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In addition, it seems there is not one specific currency that is competing with the dollar.
But why not include gold and look back as far as possible? By combining multiple sources, we get a glimpse of the dissemination of reserve currencies from 1899 until 1935 (both fiat and gold), and a full picture starting from 1950.
This paints a whole different story. ...
... For the remainder of the analysis:
https://www.gainesvillecoins.com/blog/gold-overtakes-euro-in-global-international-reserves
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