Throughout this month, gold prices have rallied to six-year highs, powered by countries seeking to move away from the US dollar. At a time when global central banks are accumulating gold reserves in record numbers, China alone has purchased more than 70 tons of the precious metal since December. In the first five months of this year, Russia added 78 tons, having already stocked 274 tons last year. In 2018 alone, gold reserves of central banks around the world surged by 651.5 tons, an increase of 74 per cent.
With the world’s two largest economies, the US and China, involved in an aggravating trade conflict, one can understand the current global hesitation. But as Malta happily slashes her debt to well below the EU benchmark, how is our real gold doing?