An in-depth analysis reveals how gold is reclaiming its historic role in global reserves, challenging the dominance of the US dollar and the euro.
ByJan Nieuwenhuijs of Gainesville Coins Sturdy central bank gold buying since 2009 and a rising gold price has grown the precious metal’s share of global international reserves to the detriment of fiat currencies. By the end of 2023 gold surpassed the euro and the next fiat currency to be challenged is the US dollar. Often when financial analysts draw charts on the distribution of international reserves they focus on foreign exchange omit gold and start when the euro was introduced in 1999.
It’s not the dollar that normally backs the international monetary system, it’s gold. Gold used to make up the majority of international reserves, even when sterling was said to be the world reserve currency before the dollar. In a chart covering more years but only gold and the dollar, the latter’s reign becomes even more relative.
Global Reserves Central Banks US Dollar Euro Fiat Currency Inflation Monetary Policy Safe Haven Assets Financial History
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