An expert on the gold market believes the precious metal is closer today to becoming the world's reserve currency than it ever has been.

This is the opinion given by precious metals expert Andrew Sorchini, founder of Beverly Hills Precious Metals, during an interview with Mel K on "The Mel K Show."

Mel K mentioned people from Goldman Sachs, Chase and all the other banks that have previously spoken negatively about gold are suddenly promoting gold, and she asked Sorchini's opinion about what is happening right now.

Sorchini said gold is still holding at over $2,300 an ounce and about $125 away from the all-time high which he noted is huge.

"And this is just proof that we're getting closer to gold being the world's reserve currency. It's currently the dollar, but no one wants the dollar anymore because it's not backed by anything at all, not even oil. And that changed last month. So we're going to start to see more and more people investing in gold and silver. We're already seeing other countries out there load up on it," Sorchini said.

Central banks continue gold purchasing spree

Seven months into 2024, gold remains one of the best-performing global assets of 2024, with many of the world's central banks driving prices up from their high demand.

The central banks of China, Turkey and India are leading the way on this front, with their purchasing sprees resulting in their reserves adding more than 1,000 metric tons (1,102 U.S. tons) of gold in both 2022 and 2023, according to a recent report from the World Gold Council on gold reserves in central banks.