And, as gold becomes a more important tool in the monetary system, central banks likely would continue their accumulation, CPM Group said.

FORBES: FOCUS: CPM Group: Turkey's Rules On Gold Deposits Could Mean 'Rehabilitation' Of Metal As Monetary Asset

The longer the Fed pursues monetary expansion, the greater the risk associated with the accumulation of these bonds.

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More academic types railed against the madness of an international monetary system in which global imbalances are set to widen again and the pace of reserve accumulation is accelerating.

ECONOMIST: Currency wars