🪙 Gold and Bitcoin

On September 2, in a post on the platform X, the macroeconomic outlet Kobeissi Letter reported that global net gold purchases by central banks reached 483 tonnes in the first half of 2024, marking the highest level on record.

Additionally, this figure is 5% higher than the previous record of 460 tonnes set in the first half of 2023. In the second quarter of 2024, central banks bought 183 tonnes of gold, a 6% increase compared to the same period last year.

The National Bank of Poland, the Reserve Bank of India, and the Central Bank of Turkey were the largest central bank buyers of the precious metal during this period.

At the end of August, it was reported that the President of the National Bank of Poland, Adam Glapinski, stated that the bank would continue to buy gold, aiming to increase its share to 20% of its reserves.

Global Markets Investor noted that gold is experiencing one of the best growth periods in history, adding that it has risen by 23% since the beginning of the year, outpacing the S&P 500's 18% growth.

However, this was still not enough to surpass Bitcoin, which has grown by 37% in 2024, despite a 22% drop from its March all-time high.

Meanwhile, BRICS representatives seem to be preparing to launch a gold-backed stablecoin. This was reported by tech entrepreneur Kim Dotcom, who made a bold statement:

When the BRICS gold-backed stablecoin comes out trade in USD will drop hard, central banks will exit USD and the US money printing Ponzi scheme will burn. 14% of global GDP will shift from the US to other nations by 2030.