Gold News

Gold the "No.1 Asset" Says One-in-Four Central Banks

GOLD WILL BECOME the most important central-bank reserve asset in the next 25 years according to nearly one-in-four officials polled for a new survey.

Swiss bank UBS says it interviewed 80 central-bank and sovereign-wealth managers, asking about current and future trends in their foreign exchange reserve management.

Half of respondents said the US Dollar will remain the No.1 reserve asset by 2035. In second place, some 22% pointed to Gold instead – well ahead of Asian currencies and the European Euro – reports the Financial Times.

"Reserve managers operate at one speed above reverse," says Terrence Keeley, UBS's global head of sovereign client services.

"Decisions to change their investment practices will be taken after great consideration over a long period."

Together, the officials surveyed by UBS control some $8 trillion of reserve assets. UBS says the poll results were not weighted by assets-under-management.

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