Last week, gold prices consolidated after finding support at the $1,750-per-ounce level, closing the week at $1,777.80 per ounce. One of the results of the inflation of the U.S. dollar is that central banks around the world are turning away from the dollar as a reserve currency and turning to gold instead. This move has resulted in massive gold purchases by the central banks, a trend that is continuing to grow this year. FXStreet reports, “According to a recent report from the World Gold Council, 21% of global central banks plan to purchase gold this year. … “The World Gold Council’s survey also indicated that no central bank has plans to sell its gold reserves this year, having fallen from a 4% reading last year: “‘This year’s survey continues to highlight significant interest in gold amongst central banks, with the backdrop of the COVID-19 pandemic underscoring the importance of maintaining liquid, uncorrelated assets in a reserve portfolio. “Inflation has also resurfaced as an investment consideration and may inform central bank asset allocation in the coming years.’” Investors may want to consider following the lead of these large financial institutions in fortifying their portfolios with gold. Rick Andrews is president of Avant Capital Management.