The Return of a Gold-backed Currency
Photographer: Cynthia R Matonhodze/Bloomberg
Central banks across the world are making moves to increase their gold reserves. According to the 2024 Central Banks Gold Reserves survey, completed by the World Gold Council, nearly 30% of central banks plan to increase their gold holdings within the next year. This already seems to be the case in African countries as South Sudan and Nigeria take steps to increase their gold reserves, while Zimbabwe launches a new gold-backed currency.
Zimbabwe Gold, or ZiG, is the nation’s attempt at having a dependable local currency after the Zimbabwean dollar lost 80% of its value. With the continual appreciation of gold, it makes sense why these countries would turn to precious metals for economic relief. After all, we have a similar goal here at Goldback: to support local economies, businesses, and individuals with the stability of gold.
Sources:
