Goldman Says Central Banks Gobble Up 20% of Global Gold Supply
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Central banks are consuming a fifth of the global supply of gold, signaling a shift away from the dollar that’s bolstering the case for owning bullion, according to Goldman Sachs Group Inc.
“De-dollarization in central banks - demand from central banks for gold is biggest since the Nixon era, eating up 20% of global supply,” Jeff Currie, the head of global commodities research at Goldman, said in a Bloomberg Television interview Monday. “I am going to like gold better than bonds because the bonds won’t reflect that de-dollarization.”