The central banks seem to have big plans for the near future. It looks like; according to the latest reports, they plan to buy a heavy load of gold. Check out the latest details about the issue that’s going on amidst the weaponization of the US dollar.
Central banks amass a lot of gold these days
Accoridng to the latest reports, it looks like the banking giant UBS says demand for gold from central banks around the world is likely to surge this year as countries back away from the US dollar.
In a brand new report, UBS said that it expects central banks to accumulate 700 metric tons of gold worth $48.74 billion this year.
UBS just stated that the central banks are likely to continue stockpiling gold in the coming months due to persistent inflation and geopolitical concerns.
“Last year marked the 13th consecutive year of net gold purchases by global central banks and the highest level of annual demand on record dating back to 1950.”
The same notes revealed the following:
“At 1,078 metric tons in 2022, central banks’ buying of gold more than doubled from 450 metric tons in 2021. Based on the 1Q23 data from the World Gold Council, central banks are on track to buy around 700 metric tons of gold this year, much higher than the average since 2010 of below 500 metric tons.”
They also stated the fact that they believe this trend of central bank buying is likely to continue amid heightened geopolitical risks and elevated inflation.
As we already revealed, there are massive efforts made against the US dollar all over the world.
JPMorgan froze customers’ accounts
It’s been just revealed the fact that JPMorgan is “persistently” discriminating against its own clients and closing bank accounts without warning. This is according to the Republican attorneys general from 19 states.
The law enforcement officials that are led by Kentucky Attorney General Daniel Cameron, sent a letter to JPMorgan CEO Jamie Dimon. They were stating that the banking giant’s practices go against the company’s own policies on equality.