El Salvador Joins Gold Buying Spree With $50 Million Acquisition
El Salvador's Central Reserve Bank acquired $50 million in gold, marking its second major purchase since 1990.Summary
The Central Reserve Bank (BCR) of El Salvador announced a $50 million purchase of 9,298 troy ounces of gold, which is the country's second major acquisition since 1990. This move increases El Salvador's total gold holdings to 67,403 troy ounces, which the BCR views as a "universally strategic reserve asset" that supports long-term financial stability. This gold purchase occurs while gold prices are rallying due to macroeconomic and geopolitical tensions, pushing investors toward safe-haven assets. El Salvador is also known for expanding its Bitcoin reserves, which currently stand at 7,547 BTC. The increased gold demand is part of a broader global trend, with other entities like the National Bank of Poland and China also reportedly increasing their gold stockpiles.
(Source：BeInCrypto)