El Salvador Diversifies Into Gold With $50,000,000 Purchase As Yellow Metal Breaks New All-Time Highs

The government of El Salvador has begun growing its gold reserves after a lengthy Bitcoin ( BTC ) accumulation spree.

In a post on X, El Salvador President Nayib Bukele confirmed the country was increasing its gold reserves.

Says the central bank in a press release,

“The Central Reserve Bank increased its gold holdings by acquiring 13,999 troy ounces of gold in international markets, as part of a medium- and long-term strategy aimed at diversifying and strengthening its international reserves… El Salvador’s gold holdings have increased from 44,106 troy ounces to 58,105 troy ounces, with a total estimated value of $207.4 million.”

The acquisition marks a 31.8% increase in El Salvador’s gold holdings, just as the metal hits all-time highs above $3,600.

The country also currently has a Bitcoin treasury with 6,290 BTC worth $697.61 million, which it began building in September of 2021 after becoming the first country in the world to make the flagship cryptocurrency legal tender.

Maria Luisa Hayem, El Salvador’s economy minister, said earlier this year that the country’s decision to accumulate Bitcoin as a reserve asset was not ceasing, despite some pressure from the IMF.

“There’s a commitment of [El Salvador President Nayib] Bukele to keep accumulating assets as a way to do precisely that…

Bitcoin keeps being an important project. There is an asset accumulation that we’re seeing from the government perspective, from the private sector perspective.”

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