Tether and El Salvador Strengthen Gold Investments
- Tether has acquired $8.7 billion in gold bullion and is exploring further investments in gold mining and royalty firms.
- El Salvador purchased nearly 14,000 ounces of gold for $50 million, marking its first central bank purchase since 1990.
- Tether plans to invest an additional $100 million to increase its stake in Elemental Altus Royalties, a Canadian company involved in gold royalties.
- The Banco Central de Reserva of El Salvador now holds approximately $207 million worth of gold as part of its foreign reserves diversification strategy.
Both Tether and El Salvador are enhancing their positions in the gold market as a strategic move for diversification and stability amidst global economic uncertainties.
Tether’s significant investment in gold aligns with CEO Paolo Ardoino’s view of the metal as “natural Bitcoin,” while El Salvador’s purchase underscores its commitment to diversifying reserves beyond Bitcoin. (Source)
