SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : Dino's Bar & Grill
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Goose94 who wrote (146893)3/3/2023 4:05:55 PM
From: Goose94Read Replies (1) of 203349
 
Gold: German Central Banker Notes that Gold Outperforms the Euro

March 3rd 2023

A powerful endorsement for gold as money came this week from a member of the Executive Board of Germany's Bundesbank, Joachim Wuermeling, who spoke at the press conference in Frankfurt presenting the Bundesbank's annual report for 2022.

Commenting on the central bank's gold holdings, Wuermeling said:

"The revaluation reserve for gold rose by 10.2 billion to 176.1 billion. The price of gold in U.S. dollars as at the reporting date was down slightly on the previous year's price, but the stronger dollar meant that the price of gold in euros was up 6% on the year.

"Viewed over the long term, there is still a sustained marked increase in the revaluation reserve for gold. Compared with its starting balance at the launch of monetary unio n (21 billion), this revaluation reserve, with its current balance of 176.1 billion, is eight times as large as it was at the start of 1999."

Here is a European central banker noting that gold steadily has outperformed the currency for which he shares responsibility, and suggesting that it is prudent to hold gold as a hedge against inflation and currency devaluation. Central bankers are seldom so candid about the ancient form of money that still competes with their own.

The English translation of Wuermeling's presentation is posted at the internet site of the Bank for International Settlements here:

bis.org

The illustrations used in Wuermeling's presentation are posted in German at the BIS site here:

bis.org

By Robert Lambourne
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News