Central Banks Buying Gold From Domestic Miners in Local Currencies
The World Gold Council published a report on Wednesday, highlighting that Central Banks around the world are buying the precious metal through small-scale domestic miners, paying in local currencies. They are turning to mines in their backyard, sourcing the yellow metal for its affordability and cheaper purchases. Securing gold directly from local miners is cheaper and also supports the home-based industries. Central Banks can bolster their gold reserves without weighing on foreign exchange rates. It saves them millions in exchange rates by sourcing the precious metal in local currencies. Also Read: Circle (CRCL) Stock Surges After House Passes Crypto Legislation Countries such as the Philippines and Ecuador have been doing this for years, and now other nations are following suit. Nineteen out of 36 countries in the World Gold Council report stated that they’re sourcing the metal from small miners in local currencies. Four other countries are considering making the switch and could mak...