Keynote speech by Dr Joachim Nagel, President of the Deutsche Bundesbank, at the Global Precious Metals Conference, Sorrento, 5 October 2026. 1
Introduction
Ladies and gentlemen, it is a great pleasure for me to speak at this year’s Global Precious Metals Conference here in Sorrento.
Sorrento’s most famous literary son – Torquato Tasso – wrote one of the great epics of the European Renaissance. His
Jerusalem Delivered
depicts a world of conflict, competing powers and shifting loyalties. That sounds familiar, doesn’t it?
Geopolitical rivalry and security concerns are increasingly shaping trade, investment and supply chains. This new geopolitical environment is the common thread running through my remarks today.
It affects the economic outlook, because it can lead to supply shortages, disrupt supply chains and increase uncertainty.
It affects monetary policy, because geopolitical shocks influence inflation and the balance of risks central banks are faced with.
And it affects central bank reserve management, because a more fragmented and uncertain global environment raises questions about portfolio diversification, resilience - and, ultimately, the role of gold.
The views expressed in this speech are those of the speaker and do not necessarily reflect those of the BIS.
PDF (7 Pages)
Authors
Joachim Nagel
President