Hey UK! It’s not just Venezuela, what happened to Australia’s gold?

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Geopolitical and trade tensions along with US sanctions have shaken trust in the US dollar over recent years. As a result, a number of global central banks have been boosting their national reserves of gold bullion. In 2018, world central banks added 651.5 tons to official gold reserves, as a greater pool of regulators turned to the precious metal as a diversifier, according to data released by the World Gold Council. Some countries, like Russia and Turkey increased their gold reserves while dumping US dollar holdings at the same time. India, China, Kazakhstan, Iraq, Poland and Hungary were among the other big purchasers of the yellow metal. Net sales of gold from central banks reportedly remained insignificant, totaling less than 15 tons with Australia, Germany, Sri Lanka, Indonesia and Ukraine accounting for almost the entire figure. While some countries opt to hold their bullion reserves domestically, others still trust their precious reserves to the central banks of other…

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This post originally appeared on SOTT.net

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