The central reserve city Banks could pyramid notes and deposits on top of gold, and thereby generate multiple inverse pyramids of monetary expansion on top of their own expansion of credit.

中心城市储备银行可以在自身黄金储备基础上金字塔式增加纸币和存款总额，而在他们的信贷扩张基础上，会对货币总量产生一个多重倒金字塔式叠加效应。

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But gold has a big friend in Western central Banks, especially the Federal Reserve, which is still printing enormous amounts of dollars to support key markets.

但欧美央行的做法对黄金价格走势有利，尤其是美联储(Fed)，后者仍在印行大量美元支撑重点市场。

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Under this structure from 1879 to 1913, gold served as both the primary reserve asset for central banks and the means of settling international payments deficits.

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In addition, central banks have been buying more gold, most recently, the Reserve Bank of India, while bought 200 tonnes from the International Monetary Fund at the start of this month.

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Additionally, the central bank has been diversifying and strengthening its reserve base by buying gold.

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