The Inversion Investor

The Inversion Investor

REALITY-CHECK: Is the Gold Held by BRICS Central Banks 99.99% Pure?

Peter Pham's avatar
Peter Pham
Feb 05, 2026
∙ Paid

There are central banks—particularly in closed or semi-closed economies—that are willing to purchase sub-investment-grade gold, sometimes as low as ~80% purity, often sourced from parts of Africa or other opaque supply chains. That gold is then booked as tonnage/kgs, not adjusted for purity in any economically meaningful way.

On paper, a ton is a ton. I…

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