Central banks around the world keep accumulating gold within their reserves. After decades of diluting the weight of gold over total reserves, favoring fiat money, central banks have been increasing its weight for at least 10 years. Which is interesting on the context of quantitative tightening. Although the official narrative points towards control on inflation combined with a soft economic landing, their actions, which always speak louder than their words seem to be pointing towards a hedge on the fiat system, just in case they need to reverse course and print again to jumpstart economic activity.
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