🚨🚨BREAKING: Global Net Gold Purchases by Central Banks Soar to New Record 🚨🚨

🔸Historic Surge: Central banks globally acquired a record-breaking 483 tonnes of gold in the first half of 2024, marking a 5% increase from the previous record of 460 tonnes in the same period in 2023.

Quarterly Insights:

In Q2 2024, 183 tonnes of gold were purchased by central banks, reflecting a 6% year-over-year growth.

This figure, however, is 39% lower than the 300 tonnes bought in Q1, indicating a slower pace of accumulation.

Top Buyers:

The National Bank of Poland

The Reserve Bank of India

The Central Bank of Turkey

🔸 Strategic Moves Amid Economic Concerns

While central banks are advocating for a "soft landing"—a scenario where the economy slows just enough to avoid a recession—they are simultaneously bolstering their gold reserves. This paradoxical behavior suggests a hedging strategy against potential economic instability. Gold, a traditional safe-haven asset, offers protection against inflation, currency devaluation, and geopolitical risks, all of which are concerns during uncertain times.

Why Stockpile Gold?

Central banks may be increasing their gold holdings to safeguard against global economic volatility, ensuring that they are prepared for various scenarios, including inflationary pressures and potential downturns. As they aim for a controlled economic slowdown, these gold purchases reflect caution and a desire to maintain financial stability amid unpredictable conditions.

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