Editor’s Note
This article examines the recent surge in gold prices, suggesting that significant purchases by a private cryptocurrency firm may be a contributing factor beyond traditional drivers like geopolitical instability. The views expressed are those of the author.
Gold and Silver Price Latest Update: The surge in gold prices beyond $5,200 per ounce worldwide has caused a stir. But did you know that behind this inflation is not just war, but a major game by a private crypto company that is buying truckloads of gold every week and storing it in bunkers.
Gold and Silver Price Today: The shine of gold is increasingly moving out of reach of the common man. Ever since the price of gold crossed the $5,200 per ounce mark in the international market, everyone has been surprised. People were attributing the reason behind it to the Russia-Ukraine or Middle East wars, but the real game is being played elsewhere. In fact, market experts claim that a crypto company named ‘Tether’ is controlling the entire gold market from behind the scenes. This company is working so quietly that no one even got a hint that it is on the path to becoming the world’s largest gold player.
According to data, gold prices surged by 65 percent in the past year. During the same period, Tether alone bought over 70 tons of gold. This figure is far greater than the total purchases of many major countries’ central banks. It should be noted that if a single private company consistently takes out one to two tons of gold from the market every week, it affects the supply chain. It is natural for the demand for gold to increase as a result. This is the reason why gold prices have caught such a fire that seems difficult to extinguish for now. Experts are now calling Tether the silent giant of the gold market.
Now the biggest question is, where is all this gold being stored? According to information, Tether has turned old and highly secure nuclear bunkers built under the mountains of Switzerland into its warehouse. Approximately 140 tons of gold have been stored in these underground vaults. Its value in the current market is about $24 billion. Tether’s CEO even went so far as to say that they are becoming the future gold central bank. Thus, this is the first time a digital currency company is openly challenging government banks.
Now you might be wondering why a crypto company needs so much physical gold. Behind this, famous investor Robert Kiyosaki believes that in the coming times, the value of the dollar will become like a piece of paper. In such a scenario, he says that Tether wants to end its dependence on the dollar and create an ecosystem where money may be digital, but its real value is secured by gold bricks.
In fact, last year, two of the world’s largest gold bank HSBC’s most experienced traders suddenly resigned. It was later discovered that they are now working for Tether. Thus, this directly means that this company is not only buying gold but is also preparing to change the old rules of gold trading worldwide. If this trend continues, experts believe that the $5,200 price is just a beginning. Gold prices could reach even more terrifying levels in the future.