Eastern Axis of Russia, India, and China seem poised to challenge the hegemony of the US Dollar as a reserve currency. Atop this wave of fear and uncertainty, gold prices have skyrocketed to near record levels of $2000 per ounce – a sign that the financial powers of the world are making their move.

---------------------------------

ADVERTISEMENT LOW-COST INVESTMENT

You can purchase gold for $5 to any amount a month using a debt or credit card - AND take procession of your gold at any time.  Meaning you can have your gold shipped directly to your front door.  Click this link for a monetary gift.  Fund your Gold Account Today.

------------------------------------

Krishan Gopol, senior analyst of the World Gold Council, reported that India made exorbitant gold acquisitions in March, totaling 3.5 tons and bringing its first quarter purchases to 7.3 tons. The Reserve Bank shines with riches, boasting a grand total of 794.6 metric tons of gold stored in its vaults. Weekly reviews indicate the gold reserves grew significantly last month and have netted 7.3 tons since the start of 2021.

The Reserve Bank of India's gold purchases surged in February, jumping to 3.8 tonnes in a single month. Last year, the central bank added 33 tons, a steep 57% decline from 2021. In stark contrast, other emerging central banks like China and Turkey saw their gold acquisitions skyrocket, culminating with record-high purchases in 2022.

The hidden surge of gold's value has been unveiled: Central bank purchases. Countries across the globe have fiercely sought out gold over the past few weeks, sending prices to unprecedented heights and pushing them firmly around the $2000,2010 mark. This ravaging demand for gold was evident in February with bullion acquisitions reporting a start to the year like never before since at least , according to the latest figures from the prominent World Gold Council (WGC).

The World Gold Council announced on Tuesday that global gold reserves had surged by an astonishing 52 tonnes in February, marking the eleventh consecutive month of growth. In January, central banks snapped up a record-breaking 74 tonnes of gold, sending 2020's net purchases to a remarkable 125 tonnes - the strongest start since 2010. Krishan Gopole, senior analyst at the World Gold Council, was elated: "This is truly an incredible development!"

In February, the People's Bank of China aggressively acquired a staggering 25 tons of gold, their fourth consecutive monthly spike. Meanwhile, Turkey fortified its reserves by snatching up 22 tons.

for the fifteenth time in a row, making them the primary purchasers of gold in 2020. The Central Bank of Uzbekistan was also hungry to acquire precious metal, bulking up their reserves with eight tons while Singapore and the Reserve Bank of India added seven and three tons respectively.

---------------------------------

ADVERTISEMENT LOW-COST INVESTMENT

You can purchase gold for $5 to any amount a month using a debt or credit card - AND take procession of your gold at any time.  Meaning you can have your gold shipped directly to your front door.  Click this link for a monetary gift.  Fund your Gold Account Today.

------------------------------------

The National Bank of Kazakhstan held a staggering auction, unloading a hefty 13 tons of their gold reserves. The World Gold Council then made the astounding revelation that Russia had gobbled up an additional 31 tons of gold between February 2022 and March 2023; this was not included in the February data. This brings the Russian gold reserves to an astonishing 24% of its international reserves, according to Gopol. What could be driving these massive gold purchases?

The central banks of nations around the world, desperate to free themselves from the iron grip of the US dollar, are frantically striving to diversify their own reserves away from the dollar. The People's Bank of China (PBOC) has led the charge in this regard, with its recent strategic investment in gold in an effort to cover the yuan and reduce the dominance of the dollar in international transactions.

Beijing is not content to simply deny the dollar its monetary superiority, however; it seeks to replace it as a global reserve currency--going so far as to call for the use of IMF “Special Drawing Rights” instead. Additionally, Beijing looks to expand trade and financial transactions with its partners using national currencies, such as those of BRICS countries or non-OPEC states. This concerted effort serves as a direct challenge to America’s longstanding hegemony over international finance.

The Russian Central Bank desperately scrambled to reduce the West's influence on the nation's economic stability following sanctions in 2014. In an effort to protect currency reserves, Russia hastily stocked up on gold, watching helplessly as the ruble spiraled downwards due to Western sanctions. Since March 2022, Moscow has increased their gold holdings drastically in a bid to guard against further financial instability.

SUMMARY

Central banks, especially in countries trying to get rid of the dollar's dominance in international trade transactions, are trying to diversify and maximize their reserves away from the dollar to limit its power and influence.  However, these countries have a long way to go when it comes to matching the amount of gold reserves the US has.