How has the world responded to coronavirus pandemic through gold reserves? (24 July 2020)
As coronavirus pandemic continues around the world, infecting upwards of 15 million people and killing over 632,000, Geo.tv looks at the positions various countries have taken in terms of increasing or decreasing their gold reserves. Before going into the data, it is important to remember that the yellow metal is viewed as a safe bet during crises and, therefore, centrals banks around the world added 650 tonnes of gold to their reserves over the past one year. The high value — which may differ in June 2020 statistics — reflects the seriousness of the coronavirus pandemic. Why do central banks keep gold reserves? Because bullion is relatively safe to invest in as it can withstand political or economic changes better compared to other metals, currencies, and stocks. It is also more liquid, thereby allowing countries to convert it to cash should the need arise. Gold rates have also been on a persistent rally since quite a while, reaching new levels and eve...
