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Jan Nieuwenhuijs: Chinese central bank is in a hurry to buy gold covertly
By Jan Nieuwenhuijs
Gainesville Coins, Lutz, Florida
Tuesday, November 7, 2023
The People's Bank of China is in a hurry to buy enormous amounts of gold, indicating that it's preparing for substantial changes in the dollar-centric international monetary system.
Based on information from industry sources and my personal calculations, total gold purchases by the Chinese central bank (reported and unreported) in the third quarter this year accounted for 179 tonnes.
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Year-to-date the PBoC bought 593 tonnes, which is 80% more than what it bought in the first three quarters last year. Its total estimated gold holdings are 5,220 tonnes, more than twice what is officially disclosed at 2,192 tonnes.
The movement toward gold by central banks is showing no sign of slowing down. Mainly the Chinese central bank is on a voracious buying spree since 2022, and it's obtaining way more metal than what is officially reported.
The PBoC buys gold off the radar, so as not to send shockwaves through the market, allowing it to exchange its dollars for more bullion in anticipation of shifts in the international monetary order. ...
... For the remainder of the analysis:
https://www.gainesvillecoins.com/blog/pboc-in-hurry-to-buy-gold-covertly
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