As they continue to add additional gold to their holdings, central banks throughout the globe are continuing to send a signal that an impending currency collapse is imminent.
A report published by SchiffGold reveals that central banks have increased their gold ownership for the fifth consecutive month. This comes at a time when conflicts, problems in supply chains, and an impending energy crisis in Europe are all putting significant pressure on the world’s currencies and also the global economy.
“Overall, the world’s central banks increased their gold holdings by an additional 20 tonnes.” According to the data, there were no noteworthy sales in August, while three banks were the primary buyers.
The paper went on to observe that central banks had acquired an astounding quantity of gold only this year, despite the fact that there was still widespread uncertainty regarding how or if the economy would rebound from long-term COVID shutdowns.
According to the research, central banks have increased their holdings by more than 300 tonnes of gold so far in 2018. The report went on to name the central bank that was the highest purchaser.
“Turkey was the leading purchaser in the month of August, and to this point in 2022, it has added additional gold than all other nations combined.” The acquisition of 8.9 tonnes of gold by Turkey in August contributed to the country’s year-to-date growth in gold reserves of 84 tonnes. The report also said that Turkey’s central bank & treasury assets combined currently total 478 tonnes of gold, which is the maximum level since the second quarter of 2020.
“Over the month of August, Uzbekistan added 8.7 tonnes to its reserves, which is almost the same amount as it had during the preceding five months. Despite having started the season by selling nearly 25 tonnes worth of product in the first quarter, this puts its net acquisitions for the year to date to over 19 tonnes. A little more than sixty percent of Uzbekistan’s overall reserves are made up of gold, according to the report, which went on to name several other financial institutions that have lately boosted the size of their gold holdings by a significant amount.