Gold prices are hitting new all time highs. And now, El Salvador is pouring tens of millions of dollars into buying physical gold bullion.
What’s happening:
- El Salvador has bought $50M USD of physical gold to hold as an asset
Why it matters:
- This is the first time in more than three decades that El Salvador has used federal funds to purchase gold bullion
Going deeper:
- President of El Salvador Nayib Bukele has publicly stated he wants to continue to acquire more physical gold and build out El Salvador’s reserves of hard assets
- El Salvador previously made major political waves when they became one of the first countries to begin aggressively purchasing Bitcoin and currently holds more than $600M USD worth of Bitcoin
