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Why Are Central Banks Ditching the U.S Dollar for Gold?

Demand Reached a Record High Last Year. What about 2023?

AUSTIN, Texas, June 6, 2023 /PRNewswire/ — Central banks across the world have been purchasing gold at record -high volumes, according to data sourced by the World Gold Council. Many of these banks have traditionally held large amounts of U.S. dollars in their reserves.

Countries such as India, Turkey, and Russia have begun to grow leery of the dollar and the U.S. government's influence over it and are now looking at gold as a safe- haven asset. Could the same independence from sanctions that gives gold an appeal to banks also give gold an appeal to consumers who want financial independence?

In the latest episode of U.S. Money Reserve's “In Conversation,” a group of experts, including former U.S. Mint Directors, analyze the great central bank gold rush that is still happening today. They examine why gold has become a hot commodity for central banks, for reasons ranging from stability to independence to diversification.

Philip N. Diehl, 35th Director of the U.S. Mint (1994–2000) and President of U.S. Money Reserve, and Edmund Moy, 38th Director of the U.S. Mint (2006–2011) and U.S. Money Reserve's Senior IRA Strategist, are joined by Angela Roberts, U.S. Money Reserve CEO; Brad Chastain, U.S. Money Reserve's Director of Education; and host Chuck Woolery. The panel breaks down what has caused the central banks' gold rushes and why it might continue for years to come.

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