by Peter Schiff, Schiff Gold:
We’ve reported extensively on the central bank gold-buying spree that has been going on for nearly two years. Russia and China have led the way, along with several other countries including Turkey, Kazakstan, India and Poland.
Central banks are buying gold to diversify reserves and minimize exposure to the dollar. This has been the mainstream narrative and it’s true. But China and Russia have a bigger geopolitical objective. They want to undermine dollar hegemony and reduce the United States’ ability to weaponize the dollar as a foreign policy tool.