Central Banks are Buying Up Gold at Record Speed

Central banks around the world are buying gold at a pace we haven't seen since the 1960s. Central banks make up a big chunk of all the gold that's being bought.

According to the World Gold Council, in 2022, central banks bought a whopping 152% more gold compared to the previous year, reaching a new high of 1,136 metric tons.

This buying spree is continuing into this year. The data for the first quarter of this year just came in, and it's the highest ever recorded, up by 34% from the same time last year, totaling 228 metric tons. That's a brand new record.

So why are they doing this? Well, many of these central banks are from countries that have disagreements with the United States. I think they're tired of the U.S. using its currency to control them, and they see gold as a way to protect themselves from this.