According to the World Gold Council, there are two main drivers behind central bank gold buying its performance during times of crisis and its role as a long-term store of value.
Central banks added a whopping 1,136 tonnes of gold worth some $70 billion to their stockpiles in 2022, by far the most of any year since 1967, according to the WGC .
China has reported an increase in its gold reserves for the first time in more than three years, essentially admitting that its central bank is one of the recent mystery buyers of massive amounts [.]