El Salvador Joins Gold Rush, Increases Gold Reserves for First Time Since 1990

BlockBeats News, September 8th: On September 5th, the Central Bank of El Salvador announced the purchase of 13,999 ounces of gold worth $50 million. This purchase increased its gold reserves from 44,106 ounces to 58,105 ounces, with a total value of $207.4 million.

El Salvador stated that the gold purchase is part of the country's international reserve diversification strategy. The country's central bank believes in gold and considers it a global strategic asset. Previously, El Salvador had been focused on increasing its holdings of Bitcoin. (Golden Finance)