A worker plunges a gold ingot into a cooling bath at the Uralelectromed Copper Refinery, operated by Ural Mining and Metallurgical Company, in Verkhnyaya Pyshma, Russia, on July 30, 2020. Central banks are estimated to have bought more gold in the third quarter of 2022 than ever before. Photo: Bloomberg
A worker plunges a gold ingot into a cooling bath at the Uralelectromed Copper Refinery, operated by Ural Mining and Metallurgical Company, in Verkhnyaya Pyshma, Russia, on July 30, 2020. Central banks are estimated to have bought more gold in the third quarter of 2022 than ever before. Photo: Bloomberg
Anthony Rowley
Opinion

Opinion

Macroscope by Anthony Rowley

Move over cryptocurrency, gold could have the last laugh this year

  • The central banks of China and Russia are among those making huge purchases of gold amid geopolitical tensions
  • The two countries are almost certainly ‘weaponising’ the precious metal, which will only push up its price

A worker plunges a gold ingot into a cooling bath at the Uralelectromed Copper Refinery, operated by Ural Mining and Metallurgical Company, in Verkhnyaya Pyshma, Russia, on July 30, 2020. Central banks are estimated to have bought more gold in the third quarter of 2022 than ever before. Photo: Bloomberg
A worker plunges a gold ingot into a cooling bath at the Uralelectromed Copper Refinery, operated by Ural Mining and Metallurgical Company, in Verkhnyaya Pyshma, Russia, on July 30, 2020. Central banks are estimated to have bought more gold in the third quarter of 2022 than ever before. Photo: Bloomberg
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