After last year’s financial market crash, high inflation and the prospect of prolonged geopolitical tensions have caused widespread losses for sovereign money managers. More than 85 percent of 85 sovereign wealth funds and 57 central banks participating in the Invesco Global Government Wealth Management Annual Study predicted inflation will increase over the next decade.
In this environment, gold and emerging market bonds were considered good investment options. However, the West’s freezing of almost half of Russia’s $640 billion gold and foreign exchange reserves in response to the invasion of Ukraine last year was seen as the trigger for this change. While almost 60 percent of the respondents stated that gold has become more attractive, it was stated that the protection rate of gold reserves in the country increased to 68 percent.
“We used to store the gold in London… but now we’ve moved it back to our own country to keep it safe,” said a central bank representative, who asked not to be named. Rod Ringrow, Head of Government Institutions of Invesco, who oversaw the report, stated that this thought is widespread and said, “If the gold belongs to me, I want to keep it in my country.” These developments seem to have led to an increase in the interest of international investors in gold.
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