Japan’s business daily Nikkei Asia reported yesterday that central banks across the world have stepped up their gold purchases, after the U.S. seized some $300 billion of Russia’s foreign reserves. If your bank seizes your neighbor’s savings account, you might think twice about keeping your money in that bank.
Nikkei cites data from the November report of the World Gold Council, showing that central banks purchased 87.7 tons of gold in the first quarter of 2022, 186 tons in the second, and 399.3 tons in the third quarter, ending Sept. 30. More than doubling each quarter says a lot on its own.