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 
I’ve never understood the gold bugs. Especially thinking that asset backed currencies are good. Why Gold Can't Displace Fiat? || Peter Zeihan - YouTube
You might do one day
If I was going to buy gold, I would do it in a 2 to 1 ratio. Two parts gold and 1 part lead. If you are buying it in case things go south you are going to need the lead too.
Andy
If you’re Poland you probably need gold in the event of the world meltdown. If you’re the US you probably don’t.
Actually there is nothing to understand.
You are already dead on target bj.
It is much easier to get cryptos across borders.
Even if the US had 10% of all the gold, it would probably only cover a few days (maybe weeks at best) of government expenses. LOL!
The currency is backed up by the GDP.
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.