1 month ago
Mint
The world’s largest precious-metal market had run out of gold, drained by a five-month run on America’s stash by European central banks. Now central banks are furiously buying gold again (see chart). Lesser central banks have taken this as a cue to swap them for precious metal rather than bet on the Fed taming inflation. Russian gold is banned on the London market, but no one can get at its gold reserves, which are mostly sourced from its own mines. Central banks may have gold fever but there is no regime change on the horizon.
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