El Salvador joins gold buying spree, increasing its gold reserves for the first time since 1990

On September 5, the Central Bank of El Salvador announced the purchase of 13,999 ounces of gold, valued at $50 million. This purchase increased its gold reserves from 44,106 ounces to 58,105 ounces, valued at $207.4 million. El Salvador stated that the gold purchase is part of its international reserve diversification strategy. The Central Bank believes in gold and considers it a global strategic asset. Previously, El Salvador had focused on increasing its Bitcoin holdings. (Golden Ten)