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UBS CDR (CAD Hedged)
Symbol UBS
Shares Issued 90,000
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Globe/wire say UBS's Castelli sees greenback crumbling

2025-06-25 08:44 ET - In the News

The Globe and Mail reports in its Wednesday edition that the custodians of trillions of dollars of global central bank reserves are eyeing a move away from the greenback into gold, the euro and China's yuan following U.S. President Donald Trump's April 2 Liberation Day tariffs. A Reuters dispatch to The Globe says that according to a report by the Official Monetary and Financial Institutions Forum on Tuesday, one in three central banks managing a combined $50-trillion (U.S.) plan to increase exposure to gold over the next one to two years. The survey of 75 central banks gives a first snapshot of the repercussions of Mr. Trump's April 2 tariffs that sparked market turmoil and a slide in the safe-haven dollar and U.S. Treasuries. Gold, which central banks have already been adding at a record pace, was seen benefiting even further longer term, with a net 40 per cent of central banks planning to increase gold holdings over the next decade. Max Castelli at UBS Asset Management, told Reuters that reserve managers made many calls after Liberation Day to ask if the dollar's safe-haven status was at risk: "As far as I remember, this question has never been asked before, not even after the great financial crisis in 2008."

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