Gold catches a bid from Central Banks
As cryptocurrencies proliferate and threaten the "thousands year old" tradition of gold being money, it appears that governmental bankers are finally waking up to the threat to their monopoly on money.
Gold plays an important role to jewelers as well, as consumers have traditionally purchased gold jewelry as a hedge against money debasement. It's important for jewelers to realize their business prospects are somewhat dependent upon gold being a safe haven, especially now that lab created diamonds and gemstones are putting the pressure on mined stones as a store of value.
Central banks, or government banks, splurged on gold purchases from 2018-2019 before the pandemic. It appears that central banks are now back in buying mode.
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"But in the past week, gold sold from the BOE has traded for as much as 50 cents above benchmark London prices, according to bullion traders. These premiums are at least in part being driven by buying from the Bank for International Settlements, which regularly trades the metal on behalf of the world’s central banks, a person with direct knowledge said, asking not to be identified because the information isn’t public."