BASEL, Switzerland — Central banks around the world have continued purchasing enormous quantities of gold, officials confirmed Friday, citing their deep and abiding confidence in currencies they themselves can create in unlimited quantities.
Monetary authorities reportedly bought record amounts of the precious metal in the second quarter, quietly exchanging portions of their foreign-exchange reserves for an asset nobody can print, debase, sanction into existence, or produce by adjusting an interest-rate corridor.
“This should in no way be interpreted as skepticism toward fiat currency,” said one senior central banker while directing staff to acquire another 40 tons of something buried underground for several billion years. “The modern monetary system is extraordinarily robust. We simply prefer to store an increasing share of our national wealth in a substance that predates it.”
Officials stressed that gold remains an antiquated relic with no yield, limited practical utility, and no role whatsoever in sophisticated modern finance beyond the roughly $20 trillion market and the rapidly growing piles of it sitting inside central-bank vaults.
Economists also cautioned ordinary citizens against drawing conclusions from the purchases.
“Households should continue holding diversified portfolios of productive financial assets and trusting well-managed currencies,” said monetary economist Richard Halpern. “Central banks, obviously, have different needs, such as protecting themselves from the consequences of central banking.”
Several officials reiterated that inflation remains under control, public debt is sustainable, and confidence in major currencies remains exceptionally strong.
They then asked whether the gold dealer offered a volume discount.
At press time, central banks assured the public that money printing posed no threat to purchasing power while requesting delivery in physical bars.
Inspired by:
Reuters - "Central banks spearhead renewed gold rush" (August 13, 2026)
