Why central banks are stockpiling gold
- The metal offers a hedge against inflation—and a way to circumvent sanctions
In 1968 the London Bullion Market closed for two weeks. The world’s largest precious-metal market had run out of gold, drained by a five-month run on America’s stash by European central banks. The crisis marked the beginning of the end for the Bretton Woods standard that had kept the dollar pegged to gold, and currencies elsewhere to the dollar, since 1944.