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Nigeria Repatriates Gold To ¨Mitigate Risk of Weakening US Economy¨

July 5, 2024

Not only are we seeing a shift in the way gold is being used as a store of value, but we continue to see a change on how the gold is being stored.

One of the trends we've seen over the past decade is the repatriation of physical gold reserves, often from the New York Federal Reserve. And now the latest to take its gold back home is Nigeria.

Although perhaps even more significant is the reasoning provided by Nigerian officials. As they said they were mitigating 'the risk of the weakening US economy,¨ and that there's ¨raised apprehensions among Nigerian policymakers about the stability of the U.S. financial system.”

So we're continuing to see countries take action towards protecting their gold. And it's alarming to hear why they're doing it.

But to find out more, and also take a look at the other recent precious metals news, click to watch the video now!

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A single ounce of gold (about 28 grams) can be stretched into a gold thread 5 miles (8 kilometers) long.
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