{"id":2057,"date":"2023-06-29T23:58:53","date_gmt":"2023-06-29T23:58:53","guid":{"rendered":"https:\/\/findbullionprices.com\/blog\/?p=2057"},"modified":"2023-06-29T23:58:58","modified_gmt":"2023-06-29T23:58:58","slug":"ubs-issues-report-on-central-bank-gold-buying","status":"publish","type":"post","link":"https:\/\/findbullionprices.com\/blog\/ubs-issues-report-on-central-bank-gold-buying\/","title":{"rendered":"UBS Issues Report on Central Bank Gold Buying"},"content":{"rendered":"\n

Banking giant UBS says demand for gold from central banks around the world is likely to surge this year as countries continue to back away from the US dollar in favor of local currency and alternative currencies that are not subject to foreign government sanctions and the weaponization.<\/p>\n\n\n\n

In a new report titled Three Reasons to Buy Gold Now<\/a><\/em>, UBS says that\u00a0it expects central banks demand to drive additional price growth this year.<\/p>\n\n\n\n

Based on Q12023 data, the report estimates that central banks will accumulate 700 metric tons of gold worth $48.74 billion this year.<\/p>\n\n\n\n

Many central banks have been adding to their precious metals holdings since 2008 and continue to do so at rates not seen since the 1970s. <\/p>\n\n\n\n

President Nixon dropped the association of the dollar to the gold standard in 1971, referred to by historians as The Nixon Shock<\/a>. This set the stage for replacing the gold standard with a petro-dollar standard, forcing central banks to divest their gold holdings and invest heavily in dollars for the import of oil and other commodities and abolishing the Bretton Woods agreement. <\/p>\n\n\n\n

The 2008 financial crisis led to many foreign leaders, led by BRICS leaders, to reconsider the long term implications of the dollar based financial system. Over the last 15 years, various countries have been developing alternative systems that would allow them to buy pass G7 imposed sanctions.<\/p>\n\n\n\n

The financial crisis was also the catalyst for the creation of Bitcoin. When Nakamoto generated the genesis block on January 3, 2009 the text included in the block included a headline from the The Times<\/a> that read:<\/p>\n\n\n\n

\n

The Times 03\/Jan\/2009 Chancellor on brink of second bailout for banks<\/p>\nThe Times<\/a><\/cite><\/blockquote>\n\n\n\n

While the data being released by the government shows that economic conditions are stable, everyday Americans are already starting to feel the impact of a long recession. Inflation continues to eat away at take home pay and spending, with many major retailers continuing to close locations and reduce hiring.<\/p>\n\n\n\n

The continued weakening of the US dollar is a huge risk for foreign investors and central banks represent the largest group of investors.<\/p>\n\n\n\n

With the risk of a full recession hitting the US economy are very high, central banks are wise to continue to move away from dollars and into a safe haven asset. <\/p>\n\n\n\n

The core of the BRICS basket currency is expected to be based around gold, silver and other commodities. <\/p>\n\n\n\n

UBS is predicting gold prices<\/a> will continue to climb this year and in to next as the fiat currency wars begin to heat up.<\/p>\n","protected":false},"excerpt":{"rendered":"

Banking giant UBS says demand for gold from central banks around the world is likely to surge this year as countries continue to back away from the US dollar in favor of local currency and alternative currencies that are not subject to foreign government sanctions and the weaponization. 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