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Jan Nieuwenhuijs: Chinese central bank just bought 60 tonnes of gold secretly
By Jan Nieuwenhuijs
Money Metals Exchange, Eagle, Idaho
Tuesday, November 26, 2024
The People's Bank of China is covertly buying very large amounts of gold, adding upward pressure to a tense gold market.
An explosive cocktail of Western institutional investors and central banks in the East buying gold this year is making the gold price rise sharply. Interest rate cuts and geopolitical strain will sustain this bull market.
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Last July I published an analysis proving how the Chinese central bank covertly buys gold in the London Bullion Market through bullion banks.
All "non-monetary" gold (privately owned metal) in China is traded over the Shanghai Gold Exchange. However, since the war in Ukraine began, there has been more supply in the Chinese market than sold through the SGE; the "surplus" reflects what the PBoC buys. ...
... For the remainder of the analysis:
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