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The demand for gold is steadily rising, as global banks continue to stockpile gold in a massive new spree. Donald Trump’s tariff regimens have weakened the US dollar to a point where the USD is unable to regain its former glory. This rush has also been strengthening other asset classes such as cryptocurrencies, with Bitcoin, which is currently eyeing a new price spot of $123K. However, as of now, gold is emerging as the top asset for global central banks to hold around the world. Also Read: Gold Surges Near $3,360 After Weak Jobs Data Fuels Fed Cut Bets Gold Is Favorite Asset to Hold, Per World’s Central Banks Source: mmtcpamp.com As per the new stats shared by the Kobeissi letter, the World Central Banks’ gold stockpiling spree is yet to catch a break. The new statistics shared by the KL platform noted how the world’s central banks have aggressively bought gold in Q2, amounting to 166.5 tonnes. Moreover, the amount represents a hike of 41% above the average quarterly basis between 201...

Join Our Telegram channel to stay up to date on breaking news coverage Myanmar’s economy has been crippled since the February 1, 2021 coup. The World Bank predicted that it would contract by 18% per year. As a result, the Myanmar kyat has lost 60% of its value as of September 2021. This is an all-time low: on September 17, 2021, the black market value of Myanmar kyats (MMK) to US dollars (USD) was 2200, down from 1330 before the coup. These facts demonstrate the public’s mistrust of the military-led State Administration Council (SAC). People’s reliance on banking systems and the entire financial mechanism has been reduced. It pushes Myanmarese people to use cryptocurrencies as an alternative currency. Both the SAC and the shadow National Unity Government (NUG) acknowledged this requirement with their respective mandates: the former to use digital currency to heal the crippled economy and avoid sanctions, and the latter to separate the existing currency from th...