95% of central banks say they will increase their gold reserves. This is part of a continued move that has seen gold emerge as the world’s only true safe haven and reserve currency as the purchasing power of fiat money continues to be destroyed.
June 25 (King World News) – Gerald Celente: In a new World Gold Council survey, 95 percent of the more than 70 central banks responding said they expect to add to their gold reserves this year and that their dollar reserves will decline over the next five years.
The rising store of central banks’ gold will set another record this year.
Gold’s performance as a store of value, particularly during uncertain times, and a hedge against inflation outweigh the costs of storing it and the trouble and dangers involved in moving it from place to place, the banks said.
The banks are shifting away from dollars to gold in part because of geopolitical tensions between the East and West, the U.S.’s use of its currency as a political weapon, and uncertainty over the dollar’s future, the survey found.
Those issues, among others, have doubled gold’s price over the past two years and sent it up 30 percent so far this year alone.
International strife also is persuading central banks to store their gold in their own countries instead of in the usual depositories in London and New York. Banks are worried that access to their gold might be denied in the event of an international crisis.
Last year, India brought home more than 100 metric tons of its gold from the Bank of England’s repository. Nigeria’s bank also took possession of some of its gold. About 7 percent of survey respondents plan to do the same this year.
“Recent market developments around tariffs have raised questions on the safe-haven status of U.S. dollars but have bolstered that of gold,” one bank official said in a survey response.
TREND FORECAST:
As we reported, Gold bullion has surpassed the euro to become central banks’ second most plentiful reserve asset in terms of value,according to a new report from the European Central Bank (ECB).
And according to the Financial Times, the euro made up 16 percent of banks’ reserves while gold accounted for 20 percent.
The dollar remains the chief reserve asset at 46 percent. However, should Israel and/or the United States resume attacking Iran, and our forecast that the Ukraine War will escalate while the global economy slides into Dragflation; declining economic growth and rising inflation, gold prices will keep rising.
In the absence of Peace on Earth, Good Will to All, gold may well spike above $4,000 per ounce this year.
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