Global central banks bought more bullion last year than at any time since 1971, when the US ended the gold standard.

Governments added 651.5 tons of gold to their coffers in 2018, according to the World Gold Council. It said that Russia, China and Turkey are leading the gold-buying spree.

That could mean the three countries are “re-imposing the gold standard just by the fact of accumulating it like this, by stocking gold,” says Stacy Herbert.

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