Counting the Cost

Why are central banks hoarding gold?

The World Gold Council says gold purchases in the first half of this year were the highest on record.

Gold is precious and often serves as a safe haven; it is a hedge against economic uncertainty and an investment favoured for its stability.

Traders, investors and governments have often looked to it in times of market volatility and it seems the world is looking to gold again.

2022 was an exceptional year for the yellow metal: Demand reached its highest level in more than a decade, and central banks globally bought a staggering $70bn worth of gold – that’s the most in 73 years.

Elsewhere, Elon Musk tells employees fired for posts on X that he’s got their backs.