Central banks are still buying gold. I wish that the Bank of England would:
Poland’s central bank, Narodowy Bank Polski (NBP), is officially the biggest central bank gold buyer in the second quarter of 2023, having accumulated a massive 48.52 tonnes of monetary gold between April, May and June of this year. This is the first time in nearly 4 years since the Polish central bank last bought gold for its reserves.
I’m still buying, not quite on the same scale unfortunately
That is the definition in economics of how a currency is backed. It is called a liberalized monetary policy. Not because it is politically liberal. Instead because it is free of the huge constraints of possessing gold.