From 1999 to 2002, the Bank of England sold around 395 tonnes of gold, over half of its reserves.
Since then, gold is up over 900%.
In 2016, the Bank of Canada sold nearly all of its gold reserves.
Since then, gold is up nearly 120%.
Have a great weekend.
— Gold Telegraph ⚡ (@GoldTelegraph_) October 19, 2024
Between 1999 and 2002, the Bank of England sold around 395 tonnes of gold, representing over half of its total reserves at that time.
This decision was made when gold prices were near historic lows, around $250 per ounce. Since then, gold prices have soared, increasing by over 900%.
Similarly, in 2016, the Bank of Canada decided to sell nearly all its gold reserves, reducing its holdings to virtually zero. At that time, gold was priced around $1,250 per ounce, and since then, it has risen by nearly 120%.
These sales are puzzling.
Today, central banks worldwide are stockpiling gold as currencies are being devalued as global debt spirals. It raises the question: why did these central banks choose to sell their gold when they did and why were they so stupid.
Some central banks in the West are selling gold. BRICS central banks however have been buying gold like crazy. I wonder why…
jpost.com/business-and-innovation/precious-metals/article-824361
h/t thetimeisgold