John Reade

speaker

553 appearances 2 recordings 1 series first heard Oct 2024 last heard 10 Oct

John Reade’s voice in public audio — every appearance, attributed to the second.

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NAB Morning Call · Weekend Edition: Going for Gold · 4 Oct 2024 podcast

It's the biggest component uh in their foreign exchange reserves.

And if you take a longer term view, which central banks have to, then you can see in ten or twenty years' time that the US dollar won't be the only reserve currency of the world.

We'll probably have some emerging market countries like China and India in there as well.

So if you're diversifying away from the US dollar, you don't

think that the Chinese market is liquid enough or accessible enough um to buy Chinese government bonds.

Gold is a a useful stop gap in the interim.

I think so.

I mean I think that's more playing through for high net worth individuals and family offices.

I I got back from Switzerland earlier in this week where I spoke to some of the biggest private banks in the world about what what we think about gold, but also listening to what their clients were saying.

And that debt argument in the US is really quite a big thing.

The final thing with central banks though, and probably unique to central banks, it's a reaction to the sanctions.

That were placed against the Central Bank of Russia following the Russia's invasion of Ukraine.

So Russia lost access to its foreign exchange reserves.

It's locked up in various finance systems in Europe and North America.

But they had more than 20% of their international reserves in gold, which they owned in Russia.

So they've managed to keep access to that.

So on the basis that many emerging markets are not automatic allies of the West.

I mean there used to be an expression called non-aligned countries.

uh I think they're trying to insulate themselves to a degree from sanctions risk in case they offend the West.

So holding gold in your own country is a real um

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