Why is the national gold reserve an anchor of risk aversion?

Recently, the level of inflation in various countries has increased, the geopolitical crisis has shrouded the world, the global epidemic is outbreak, the supply chain disturbances have been constantly disturbing. Many disturbance factors have increased the global economic uncertainty, and the international financial market has continued. The advantage of becoming the most prominent assets of risk aversion attributes, so the global central bank has also paid more and more attention to gold reserves in recent years.

According to the World Gold Association, central banks of various countries added 463 tons of gold in global reserves in 2021. This is 82 % higher than in 2020 and purchased for 12 consecutive years. In the past 12 years, central banks of various countries have purchased a total of 5692 tons of gold. The World Gold Association released the "Global Gold Demand Trends Report" in the second quarter of 2022. The total net purchase amount of central banks in various countries in the first half of the year reached 270 tons. Essence

Gold is the only non -debt currency asset in the world. It can be completely influenced by the political and economic risks of a certain country and region at all, and it can cross the country, language, race, religion, culture. The state has greater autonomy and economic security when the country is in crisis. In 1998, Koreans "donating gold" to save the country's economy have become a typical case of South Korea's "patriotic education". A economic crisis in 1997 swept the entire Asia, and South Korea was also the victims. There was a serious crisis in the economy. If it was not controlled, the entire country may face the danger of bankruptcy. In order to help Korean people choose to sell their own gold to the country, increase the gold reserves, and avoid the continued depreciation of the Korean won. In the end, the nationals joined hands to interpret the feat between the government and the people to resist the crisis.

In 2013, Cyprus sold gold in order to alleviate serious debt issues, so that it could quickly get about 3 % of self -rare funds.

On July 17, 2022, Luo Jikova, deputy governor of the Central Bank of Ukraine, said that since the conflict between Russia and Ukraine, the Ukrainian central bank has sold gold worth $ 12 billion. It has been used to import necessary goods. Source of currency.

Facing the US and Western sanctions, the Russian central bank announced with its sufficient gold reserves from March 28 to June 30, 2022, and a 5,000 ruble linked 1 gram of gold. Increased the credit and stability of the ruble, and then the ruble rebounded quickly. It also paved the way for the implementation of the presidential order of Russian President Putin for the implementation of the Presidential Clearance of Natural Gas Trade, which played a decisive role in Russia's economic stability. At present, Russia has substantially separated from the US dollar and has also done a test of the monetary and financial system for countries.

On August 15, 1971, the then US President Nixon announced that the US dollar was decoupled from gold. The United States no longer maintained a transaction price of $ 35 a ounce of gold. Start losing confidence. In 1974, the US President Ford signed a law to allow American citizens to have gold, so that gold and other products are no longer different, and they are no longer linked to the US dollar. In the same year, the United States reached an agreement with OPEC to re -use the "Oil US dollar" to make the US dollar a dominant currency of global oil trade to support the value and use of the US dollar. The United States also began to use the US dollar to collect coinage taxes from the global market and weapon the US dollar.

In the past 40 years, the proportion of US dollars in global foreign exchange reserves has declined, from 85 % in 1977 to 71 % in 1999 to 59 % in 2021, respectively, 14 and 12 percentage points, respectively. At the same time as the US dollar share declines, the non -traditional reserve currency share, including the US dollar, euro, British pound, and yen, can almost neglect from the beginning of the 21st century to 10 % in 2021.近年来，随着全球政治经济形势的变化，各种不确定性因素增加，目前，俄罗斯、德国、意大利、印尼、伊朗、印度、以色列、科威特、古巴、匈牙利、巴西、南非、白俄罗斯、土耳其、 Dozens of countries including Venezuela, Iraq, Brunei, Myanmar, Switzerland, Sweden, and Cambodia have started the process of going to the US dollar in their own way.

It was reported in April 2022 that Alexamuni, a member of the United States, submitted a new bill to the US House of Representatives and the Federal Reserve (the same proposal has been submitted twice in 2019 and 2020) to the US House of Representatives. The United States returns to the golden position as soon as possible. In the proposal, he recommends restoring the US currency system to the Golden System to allow the US dollar to withdraw from the issuing model of anchor US debt.

Gold, as a thousand -year -old currency, has always played a credit hedge role in the global currency system. As the US dollar credit declines, the global central bank needs to configure more gold to make certain preparations for possible major changes to ensure the financial and economic security and social stability of the country.

Regardless of how the world changes, especially when the risk of financial market risks is increasing, gold as the final payment method is still irreplaceable in the foreseeable future.

(This article is an original article of China Gold Network. The content is for reference only, and does not constitute operating suggestions or investment guidelines.)

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