The Federal Reserve is the engine that drives one of the biggest, most powerful governments in the history of the world.
Without the Fed, it would be difficult, if not impossible, for the government to fund its foreign wars, its massive, unsustainable social programs, the ever-growing police state, and the tangled web of corporate welfare programs. It’s almost certain none of this would exist as we know it today – not even close. The federal government would truly be limited.
Central banks globally added a net 79.5 tons of gold to their reserves in March, led by a major purchase by Hungary, according to the latest data compiled by the World Gold Council.
In one of the biggest central bank gold buys in decades, Hungary tripled its gold reserves last month.
The National Bank of Hungary (Magyar Nemzeti Bank, MNB) bought 63 tons of gold, increasing its gold holdings to 94.5 tons, a record high for that country.
Despite a significant selloff by Turkey, central banks globally added a net 8.8 tons of gold to their reserves in February, according to the latest data compiled by the World Gold Council.
Gold-buying by central banks slowed last year from the record pace we saw in 2018 and 2019, and that trend has continued into 2021, but many countries continue to load up on the yellow metal. Turkey and Russia’s sales through the first two months of the year have pushed net central bank reserves down, even while several countries continue to boost their gold holdings.
Poland’s gold-buying spree isn’t over.
In 2018, the National Bank of Poland began aggressively adding gold to its reserves. Through the first half of 2019, the Polish central bank added more than 100 tons of gold, nearly doubling its reserves.
Six central banks added gold to their reserves in November. Purchases totaled 16.8 tons, consistent with the level of purchases in both August and September.
On net, central banks were sellers globally in November, thanks to a large decrease in reserves by the Turkish central bank, according to the latest data reported by the World Gold Council.
Gold-buying by central banks has slowed from the record pace we saw in 2018 and 2019, but many countries continue to load up on the yellow metal.
The People’s Bank of China was the first central bank to roll out a digital currency. The digital yuan recently got a boost when China’s biggest online retailer announced it has developed the first virtual platform to accept the Chinese digital currency.
Digital currency is nothing more than a virtual banknote or coin that exists in a digital wallet on your smartphone instead of a billfold or a purse. Digital currencies issued by central banks are backed by the state, just like traditional fiat currency.
After two months of net global declines in gold holdings, central banks became net buyers again in October.
Gold-buying by central banks has slowed from the record pace we saw in 2018 and 2019, but many countries continue to load up on the yellow metal. In October, central banks added a net 22.8 tons of gold to their reserves, according to the latest data compiled by the World Gold Council.
Gold-buying by central banks has slowed from the record pace we saw in 2018 and 2019, but many countries continue to load up on the yellow metal.
August saw the first net global decline in central bank gold holdings, but the number was skewed by a big sale by one central bank. Overall, seven countries increased their gold reserves by a ton or more in August, tying February for the highest number of buyers in a single month this year.