In recent years, gold has been on a roll. Geopolitically neutral, the precious metal is particularly sought after by central banks in the emerging world.

The current global context has favoured the rise of gold. Between the covid-19 crisis and the war in Ukraine, many observers have noted a veritable gold rush. From Russia to China, via Brazil, the phenomenon has taken hold without any sign of a decline.

Unlike sovereign bonds, gold is not subject to any active or passive variation. In other words, it is not specific to any state, like national currencies such as the dollar. De facto the object of all covetousness, gold, by virtue of its neutrality, remains free of all forms of pressure, particularly in the event of state conflicts.

As a precious metal, it can neither be used as a weapon of economic sanctions nor as a public debt. The yellow metal therefore presents no risk of bankruptcy or even seizure in the coffers of national territories. As a safe haven, it is becoming all the more valuable in the face of a future that is as troubled as it is uncertain.

The frozen assets of the Russian central bank have underlined the current geopolitical tensions. The question of securing foreign exchange reserves has become a central issue. Gold is now seen as the instrument par excellence of financial and economic independence. Central banks have already started to build up massive stocks of the yellow metal.

According to the World Gold Council (WGC) survey, 25% of central banks are expected to increase their gold reserves in 2022. While developing countries are particularly well represented, the trend is expected to increase in the coming year. And while none of the countries surveyed have indicated a desire to sell their acquired gold, the majority are expected to (jealously) hold on to their reserves.