Speaking at the LBMA Global Precious Metals Conference in Sorrento, Bundesbank President Joachim Nagel traced gold's changing role in central bank reserves across 75 years — "anchor, retreat and return." Under Bretton Woods, gold made up nearly 70% of global central bank reserves in 1950; after the financial crisis, central banks turned net buyers again, drawn to an asset with no counterparty risk that cannot easily be frozen or restricted.
Here is his case for why geopolitics keeps strengthening gold's strategic role in reserve portfolios.
