Central banks are still buying. Poland added 82 tonnes of gold in the first 6 months of this year, China’s central bank has bought for 22 months in a row, and gold has passed US Treasuries as the largest asset in foreign official reserves. Our theory is that every currency is heading back to hard assets, the IQD included. Iraq’s central bank holds about 175 tonnes of gold, and its governor was elected deputy chair of the Arab central bank governors’ council this week.
