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UBS: Since 2022, just a handful of countries have driven all sovereign Gold demand

Stephen Innes SPI Asset Management

The sovereign gold story began in 2008, not 2022. The Russia sanctions episode accelerated an existing trend rather than creating a new one.

Central bank buying is far more concentrated than most investors realize. A handful of countries account for virtually all net reserve accumulation.

Gold’s structural support increasingly comes from reserve diversification rather than inflation fears, making official sector demand one of the market’s most durable long-term pillars...

Author

Stephen Innes

SPI Asset Management

With more than 25 years of experience, Stephen has a deep-seated knowledge of G10 and Asian currency markets as well as precious metal and oil markets.

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UBS: Since 2022, just a handful of countries have driven all sovereign Gold demand

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