Yahya 
Moving for safe-haven assets, central banks all over have raised their gold holdings in 2024 by somewhat large amounts. The Kobeissi Letter claims that, at 483 tonnes, the worldwide net gold purchases of central banks in the first half of 2024 surpass the previous high of 460 tonnes reached in the same time of 2023.
This 5% rise reflects a central bank trend toward diversification from conventional reserve assets. Alone in Q2 2024, central banks imported 183 tons of gold—a 6% annual increase. During this time the Central Bank of Turkey, the Reserve Bank of India, and the National Bank of Poland were among the biggest purchasers.
President of the National Bank of Poland, Adam Glapinski, stated the bank intends to maintain purchasing gold until it represents twenty percent of its holdings. This mirrors a more general inclination among several countries—including China, India, Russia, and Saudi Arabia—to reduce dependence on Western reserve assets. Founded Tolou Capital Management, Spencer Hakimian claimed these nations see gold as “the only neutral and non-volatile reserve asset.”
Talks of a potential gold-backed stablecoin from BRICS countries have given the gold drive even more force. IT entrepreneur Kim Dotcom claims this kind of expansion will devaluate USD trading and undermine the currency. “When the BRICS gold-backed stablecoin comes out, trading in USD will plummet dramatically, central banks will leave USD,” Dotcom said.
With an all-time high of $2, 525 per ounce on August 27, a 23% increase year-to- date, the value of gold has surged. This tops the 18% rise in the S&P 500. Though its March all-time high dropped 22%, Bitcoin—often seen as a digital wealth store—has had a 37% increase in 2024.
Though early success for Bitcoin, consistency advocates for gold as the ideal asset. While gold is displaying consistent increase, proponent Peter Schiff said that the performance of Bitcoin has halted.
As central banks keep raising their gold holdings, their cautious approach on Bitcoin and other cryptocurrencies reflects a taste for conventional, steady assets in unpredictable times.
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