El Salvador joins the gold rush, increasing its gold reserves for the first time since 1990.

According to reports, the Central Bank of El Salvador announced on September 5 that it has purchased 13,999 ounces of gold, worth 50 million dollars. This purchase increased its gold reserves from 44,106 ounces to 58,105 ounces, valued at 207.4 million dollars. This is the first time the Central Bank of El Salvador has purchased gold since 1990. The country is following the example of other countries such as China, India, and Turkey in increasing their gold reserves. El Salvador stated that buying gold is part of its strategy to diversify its international reserves. The central bank of the country believes in gold and considers it a global strategic asset. Previously, El Salvador had focused on increasing its holdings of Bitcoin.