BIS SPEECHEScentral bank
Shifting ground – how geopolitics is reshaping growth, monetary policy and the role of gold as a reserve asset
Hawkish Score0Neutral
Trailing 8 speeches
Speaker DriftJoachim Nagel · 18 speeches in 12motrend: shifting dovish
−100neutral band ±25+100
What changed vs prior statement
- 01Focus shifted from economic momentum to geopolitical factors affecting growth and monetary policy.
- 02Introduction of "geopolitics" and "reserve asset" terminology, replacing previous economic momentum language.
- 03No vote-record change.
From the original
Keynote speech by Dr Joachim Nagel, President of the Deutsche Bundesbank, at the Global Precious Metals Conference, Sorrento, 5 October 2026.