Chenglong International – Central Banks Join Gold Rush.
“Chenglong International”: Central bank diversification away from paper currencies continue.
“Chenglong International” senior analysts have told clients that gold ownership has received further and ongoing validation after it was revealed that the central banks of Mexico, Russia and Thailand added gold worth $6 billion at current prices to their reserves in February and March.
“If ever there was a ringing endorsement for the metal’s credentials as a preserver of wealth, this ranks pretty highly,” said one of the “Chenglong International” analysts.
In a move to ameliorate the effect of stealth debasement of paper currencies by global central banks, Mexico has purchased 93.3 metric tons since January, increasing total holdings from about 6.9 tons.
Russia increased reserves 18.8 tons to 811.1 tons in March and Thailand expanded assets 9.3 tons to 108.9 tons in the same month, according to data from the International Monetary Fund (IMF).
“Chenglong International” pointed out that the purchases mark the first time in generations that central banks have become net buyers rather than sellers.
“Central banks are expanding their gold reserves for the first time in a generation as the US dollar no longer represents a safe asset for backing currencies and preserving purchasing power,” said “Chenglong International’s” analyst.
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