What Happened... Why Global Central Banks Are Hoarding the Most Gold in 70 Years Since 2022 | CEO Jo Gyoo-won

Summary

Gold and silver specialist Jo Gyoo-won explains why global central banks are buying gold at record levels since 2022, arguing that the shift reflects eroding trust in the U.S. dollar and a broader move from efficiency to security in reserve management. He also lays out a bullish silver supply-shortage case driven by industrial demand and depleted inventories. He recommends favoring physical metal over paper instruments, reducing long-term U.S. Treasury exposure, and using roughly a 10% gold allocation with a smaller silver add.

• Central banks flipped from selling to buying gold after 2008 QE and accelerated after the 2022 Russia-Ukraine conflict.
• Dollar reserves are increasingly viewed as geopolitical risk, making gold the preferred neutral reserve asset.
• Mineable gold supply may be largely exhausted in about 20 years, limiting production growth.
• Silver remains in a multi-year supply deficit, with inventories down about 70% and industrial demand rising.
• Basel III and market behavior favor directly held physical gold and silver over ETFs and futures.
• US government debt and currency debasement argue for reducing long-term U.S. Treasury exposure.
• A rough portfolio framework is about 10% gold plus a smaller silver allocation.