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Why do central banks like gold?

2021-03-19T20:25:52.814Z


Poland wants to acquire 100 tons of the precious metal after having already doubled its reserves. Poland loves gold and lets people know it. Candidate for a second term, the governor of the country's central bank since 2016, Adam Glapinski, announced this week his intention to acquire an additional 100 tonnes of gold to boost its reserves. It has already almost doubled these, buying 125 tons since 2018, for a time hoisting the country to the first rank of buyers of the precious metal. “Gold sy


Poland loves gold and lets people know it.

Candidate for a second term, the governor of the country's central bank since 2016, Adam Glapinski, announced this week his intention to acquire an additional 100 tonnes of gold to boost its reserves.

It has already almost doubled these, buying 125 tons since 2018, for a time hoisting the country to the first rank of buyers of the precious metal.

“Gold symbolizes the power of a country,”

he explained.

Read also: Is it worth buying gold?

If the Western nations - the United States, Germany, Italy, France in the lead - are historically seated on a pile of gold, they have, in recent years, been in competition with emerging countries which seek to catch up with them.

More than two-thirds of the former's foreign exchange reserves are placed in gold, while for countries like Thailand or Mexico, it is only 3%, alongside currencies or government bonds.

Since the end of the convertibility of the dollar into gold decided by US President Richard Nixon in 1971, central banks

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Source: lefigaro

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