Thoughful post Peter.
Gold definitely has a place in a Central Banks reserves. But these reserves should be viewed as an investment portfolio, and not a collateral base for the local currency.
Gold should be part of a diversified range of exposures.
Having too much gold could cause massive instability in an economy where the Central Bank is "over weight" gold and the POG dives south.
Cheers
gold becomes a tier 1 asset class for banks, page-24
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