Monday, September 8, 2025
  • Login
Forbes 40under40
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle
No Result
View All Result
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle
No Result
View All Result
Forbes 40under40
No Result
View All Result
Home Real Estate

Central bankers make rare comments in favour of bigger gold stash

by Stephanie Irvin
in Real Estate
Central bankers make rare comments in favour of bigger gold stash
Share on FacebookShare on Twitter


GOLD purchases from central banks have been a key driver in bullion’s record-smashing rally this year. But officials rarely signal ahead of time when buying is top of mind.

In a break to that form, reserve managers from the central banks of Mexico, Mongolia and Czech Republic on Monday (Oct 14) sang the praises of bigger holdings. The comments provided unique insight into how they are viewing bullion, with the officials saying that gold as a percentage of their country’s reserves is more likely to increase in the years ahead amid a confluence of growing geopolitical tensions and lower interest rates.

“Given the context that we are facing right now – lower rates, your political tension, US election, a lot of uncertainty – maybe the share of gold in our portfolios could be increasing as well,” said Joaquín Tapia, director of international reserves at Banco de Mexico.

Enkhjin Atarbaatar of Mongolia and Marek Sestak of Czech Republic echoed Tapia’s remarks. The three officials spoke together on a panel in Miami at an annual industry conference held by the London Bullion Market Association.

“In Mongolia’s case, I expect that the reserves will continue to grow, and I also expect that the share of gold in our reserves will likely increase in the future,” said Atarbaatar, director general of the financial markets department at the Centrl Bank of Mongolia.

Sestak, deputy executive director of the risk-management department at the Czech National Bank, responded: “I completely agree as well.”

Gold has surged more than 25 per cent so far in 2024, outperforming US equities and bonds as it keeps climbing to fresh all-time highs. The rally was partly helped by unprecedented levels of bullion purchases by central banks as reserve managers seek safety in the precious metal to safeguard their nation’s wealth against geopolitical and economic uncertainty.

The average central bank has 15 per cent of their foreign exchange reserves in precious metals at market valuations, according to Terrence Keeley, chief executive at Impact Evaluation Lab. Keeley is a former senior BlackRock executive, responsible for overseeing the relationships and services that the firm provided to central banks and sovereign wealth funds. BLOOMBERG

Tags: BankersBiggerCentralCommentsfavourGoldRarestash
Stephanie Irvin

Stephanie Irvin

Next Post
Stocks to watch: Dyna-Mac, ST Engineering

Stocks to watch: Dyna-Mac, ST Engineering

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Forbes 40under40 stands as a distinguished platform revered for its commitment to honoring and applauding the remarkable achievements of exceptional individuals who have yet to reach the age of 40. This esteemed initiative serves as a beacon of inspiration, spotlighting trailblazers across various industries and domains, showcasing their innovation, leadership, and impact on a global scale.

 
 
 
 

NEWS

  • Forbes Magazine
  • Technology
  • Innovation
  • Money
  • Leadership
  • Real Estate
  • Lifestyle
Instagram Facebook Youtube

© 2025 Forbes 40under40. All Rights Reserved.

  • About Us
  • Advertise
  • Contact Us
No Result
View All Result
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle

© 2024 Forbes 40under40. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In