Luke Gromen on Gold

Gold overtakes the euro in global international reserves.

In our annual update of the chart below on global international reserves, it shows gold has a greater share than the euro since late 2023. We are of the opinion that gold is at the start of a multi-year bull market because there currently is too much confidence in “credit assets,” which will result in capital flowing from national currencies, bonds, and stocks into gold (as we explained here: shorturl.at/xQfzQ). Gold’s rising share in international reserves is a reflection of this trend—although we are just at the beginning.

Kindly note, we calculate world official gold reserves differently than the IMF, as we take into account “unreported” purchases by China, Saudi Arabia, and other countries (more here: shorturl.at/U4IV1).