Yahoo Business: Central Banks' Gold Buying Frenzy Set to Continue in 2024
Article by Yahoo Finance
The first half of 2023 was a record-breaking moment for central bank gold buying, led by none other than China and Russia. Organizations like the World Gold Council reported a staggering increase compared to 2022:
“On a year-to-date basis, central banks have bought an astonishing net 800t, 14% higher than the same period last year.”
Whether or not The January Effect will apply to the gold price as we finish the first month of 2024, there are plenty of indicators that the central bank buying spree will continue for at least the first half of the new year. Accelerating de-dollarization is just one factor, as powerhouses like China and Russia continue strategically moving further and further from the grips of USD hegemony.
Of course, actions by the Biden administration to .....