In times of uncertainty, gold has long been touted as a ‘safe haven’ – and never more so than during times of financial crisis like the one the Covid-19 pandemic has triggered worldwide.
While the ‘gold standard’ was abandoned in the 1970s, the metal is still held by central banks across the world for its ability to provide stability: it is perceived as less prone to political or economic volatility and can be converted to cash if necessary.
Even before the pandemic, the global economy was showing warning signs and many countries had begun to hoard more gold.
Central banks added 650 …read more
Source:: The Frontier Post