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Gold Reserves

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Germany pressed to reclaim €164B in gold from New York vaults amid geopolitical jitters
world1 month ago

Germany pressed to reclaim €164B in gold from New York vaults amid geopolitical jitters

Germany faces calls from lawmakers to repatriate about €164 billion worth of gold stored in the Federal Reserve vaults in New York, citing geopolitical uncertainty and the Trump administration. While half of Germany’s gold is already held domestically, and some repatriations occurred between 2013 and 2017, officials argue the central bank should reassess its long-standing practice for strategic independence and security.

via Boing Boing|
#federal-reserve#geopolitics#germany
Treasury Considers Gold Revaluation to Address Debt and Bitcoin Reserves
economy6 months ago

Treasury Considers Gold Revaluation to Address Debt and Bitcoin Reserves

The U.S. holds $11 billion worth of gold at Fort Knox, but at current market prices, its value could be over $750 billion. A recent Federal Reserve report suggests revaluing gold reserves as a potential way to raise funds, which could be used to pay down debt or fund new initiatives like a bitcoin reserve. While politically sensitive and historically controversial, this idea is gaining renewed attention as a possible financial strategy.

via Forbes|
#economy#federal-reserve#fort-knox
Senator Lummis and Trump Allies Push for U.S. Bitcoin Reserve
finance1 year ago

Senator Lummis and Trump Allies Push for U.S. Bitcoin Reserve

Senator Cynthia Lummis has proposed converting U.S. gold reserves into Bitcoin to establish a national Bitcoin reserve, aligning with pro-crypto policies under President Trump. This strategy aims to combat inflation and national debt while positioning the U.S. as a leader in digital asset adoption. The proposal suggests acquiring 5% of Bitcoin's total supply, potentially accelerating regulatory clarity and global adoption of cryptocurrencies.

via AMBCrypto News|
#bitcoin#cryptocurrency#finance
China's Forex Reserves Plummet to $3.115 Trillion in September
economy2 years ago

China's Forex Reserves Plummet to $3.115 Trillion in September

China's foreign exchange reserves, the world's largest, dropped by $45 billion to $3.115 trillion in September, falling more than expected as the US dollar strengthened against other major currencies. The yuan depreciated by 0.5% against the dollar, while the dollar gained 0.2% against a basket of other major currencies. China's gold reserves increased slightly to 70.46 million fine troy ounces.

via Reuters|
#china#economy#forex-reserves
finance2 years ago

Global Gold Repatriation Surges Amidst Russian Sanctions

An Invesco survey reveals that an increasing number of countries are repatriating their gold reserves as a safeguard against potential sanctions, following the freezing of almost half of Russia's gold and forex reserves by the West in response to the invasion of Ukraine. Over 85% of sovereign wealth funds and central banks surveyed believe that inflation will be higher in the coming decade, leading them to consider gold and emerging market bonds as attractive investments. Geopolitical tensions and the desire to diversify away from the dollar are also driving central banks to keep reserves at home and explore alternative currencies. Infrastructure projects, particularly those involving renewable energy, are seen as the most attractive asset class, while concerns over China make India an attractive investment destination.

via Yahoo Finance|
#central-banks#finance#geopolitical-tensions
economics2 years ago

Global Trend: Countries Repatriating Gold Amidst Russian Sanctions

A survey conducted by Invesco reveals that an increasing number of countries are repatriating their gold reserves as a safeguard against potential sanctions, following the freezing of Russia's gold and forex reserves by the West in response to the invasion of Ukraine. The study also shows that central banks are concerned about the precedent set by the sanctions and are finding gold more attractive as a result. Additionally, geopolitical tensions and the expectation of higher inflation are leading central banks to diversify away from the US dollar and invest in emerging markets. Infrastructure, particularly renewable energy projects, is seen as the most attractive asset class, while concerns over China make India an attractive investment destination.

via Investing.com|
#central-banks#economics#geopolitical-tensions
cryptocurrency2 years ago

Texas Launches Gold-Backed Digital Currency.

Texas lawmakers have introduced bills to create a state-issued, gold-backed digital currency that is fully redeemable in cash or gold. The comptroller would establish a mechanism to allow the new gold-backed digital currency to be used by citizens for their daily transactions. All gold reserves backing the digital currency would be held in a trust with the Texas Bullion Depository that is controlled by the comptroller or another entity appointed by the comptroller. There will be no limit on the amount of gold-backed digital currency that Texans can purchase. The value of each unit of the digital currency will be determined at the time of a transaction and must be equal to the value of the appropriate fraction of a troy ounce of gold at the time of that transaction.

via Kitco NEWS|
#comptroller#cryptocurrency#gold-backed-digital-currency