The World’s Gold Producers Are Starting to Hoard Their Own Gold

AI Summary

Gold-producing countries are increasingly refining gold domestically, taxing exports, and having central banks buy local production, shifting value away from traditional trading hubs. The trend is described as resource nationalism and could reshape the gold market.

For most of modern history, the gold trade worked one way: emerging-market mines dug it up, shipped it out (often as cheap ore, more often through the back door), and London and New York did the rest. But that arrangement is now quietly breaking down. According to a must-read report in Nikkei Asia, countries across Asia are moving to capture more of the value from the gold boom by refining domestically, taxing exports and having their central banks buy local production. Nikkei calls it "a new form of resource nationalism", and one that "could exert…