Gold surge: between historic records and new global dynamics
At a time when gold is reaching unprecedented heights, the yellow metal confirms its paradoxical status: a non-yielding asset yet a universal safe haven, crystallising fears as much as it inspires confidence. Its recent surge is not a cyclical accident but the result of a combination of economic and geopolitical factors.
A spectacular rise over five years
Since 2020, the price of gold has climbed from around US$1,800 per ounce to over US$3,600, almost doubling in five years. This rise primarily reflects monetary concerns. In the United States, the slowdown in the labour market and the increase in unemployment claims are fuelling expectations of a loosening of Federal Reserve policy.
Markets are pricing in several interest-rate cuts by the end of 2025, a scenario that weakens the dollar’s appeal and mechanically favours the yellow metal.
Geopolitical context: additional fuel
Beyond this financial mechanism, gold is benefiting from an unstable geopolitical environment. The war in Ukraine, persistent tensions in the Middle East, and frictions in East Asia: each crisis acts as additional fuel for demand. In this climate, central banks are strengthening their reserves and private investors are seeking tangible protection.
Gold reserves: the real barometer of power
This dynamic extends far beyond financial markets and translates into diplomacy and economic policy. Holding gold bullion has become a way to assert sovereignty, reassure creditors and, at times, exert implicit pressure.
| Rank | Country | Tonnes of gold | Estimated value (CFA francs) |
|---|---|---|---|
| 1 | United States | 8,133.0 | ≈ 488,000 billion |
| 2 | Germany | 3,350.0 | ≈ 201,000 billion |
| 3 | Italy | 2,452.0 | ≈ 147,000 billion |
| 4 | France | 2,437.0 | ≈ 146,000 billion |
| 5 | Russia | 2,333.0 | ≈ 140,000 billion |
| 6 | China | 2,279.0 | ≈ 137,000 billion |
| 7 | Switzerland | 1,039.9 | ≈ 62,000 billion |
| 8 | India | 879.6 | ≈ 52,000 billion |
| 9 | Japan | 845.9 | ≈ 50,800 billion |
| 10 | Turkey | 623.9 | ≈ 37,400 billion |
Estimate: conversion calculated using the exchange rates applied by the editorial team (1 USD ≈ CFA 600, 1 EUR ≈ CFA 655). Figures are indicative and vary depending on the exact gold price and exchange rates.
The dual role of gold: economic and strategic
This paradox illustrates the dual role of gold. On the one hand, it is an economic resource capable of generating rapid revenues for exporting states. On the other, it becomes a tool of foreign policy and a marker of power.
Central banks have clearly understood this: their purchases have multiplied in recent years, reinforcing gold’s role as a strategic asset at the heart of global power dynamics.
Africa facing the reserves challenge
For African countries, this issue takes on particular significance. Several major producers are already benefiting from high prices to boost revenues and attract new investors. Yet the temptation remains to export most of their output, at the risk of missing out on a lever of sovereignty.
Building solid national reserves could strengthen the continent’s budgetary and diplomatic credibility, even if this requires resisting the urgency of immediate financial needs.
Timeline: gold through crises
1971
End of dollar convertibility into gold, collapse of the Bretton Woods system
2008
Global financial crisis; the price crosses the US$1,000-per-ounce threshold for the first time (≈ CFA 600,000)
2020
Covid-19 pandemic; gold rises above US$2,000 per ounce (≈ CFA 1,200,000)
2025
Historic record at nearly US$3,650 per ounce (≈ CFA 2,190,000)
In a context of monetary and geopolitical tensions, strategies to build gold reserves may well mark the dividing line between fleeting windfalls and lasting power for Africa’s gold-producing nations.
