The Hormuz Letter
@HormuzLetter
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3h
BREAKING: Central banks around the world are now quietly stockpiling 4 times as much gold as usual and moving it out of the US, per Goldman Sachs, amid senior officials warning that the gold is “no longer safe” in Trump’s hands.
Purchases hit 79 tonnes in August against a pre-2022 average of 17, while holdings at the New York Fed fell 40 tonnes and holdings at the Bank of England rose 46.
China was the largest buyer at 25 tonnes, aimed at rapidly diversifying away from the US dollar and G7 currencies.
On the storage side, Netherlands moved 86 tonnes out of New York and Ottawa, citing “increasing geopolitical unrest.” France sold 129 tonnes in New York and bought gold in Europe instead.