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Jan Nieuwenhuijs: Chinese central bank purchases secretly fueled perfect storm in gold in 2023
6:41a ET Friday, March 22: Jan Nieuwenhuijs plans an urgent update to this report today. / cp
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By Jan Nieuwenhuijs
Gainesville Coins, Lutz, Florida
Thursday, March 21, 2024
The People's Bank of China bought 735 tonnes of gold in 2023, of which about two thirds were bought covertly.
In this article we will examine how strong PBoC gold buying pushed up the price of gold in the past two years, how gold pricing power in general is shifting to the East, and how this new trend has set the stage for the powerful gold rally that started late February.
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As most readers will be aware of by now, since the war in Ukraine, which led Western authorities to freeze dollar assets of the Russian central bank, estimated gold purchases by central banks as disclosed by the World Gold Council have exploded.
Covert PBoC gold purchases can be computed by comparing the WGC's data with what is officially reported by central banks. ...
... For the remainder of the analysis:
https://www.gainesvillecoins.com/blog/pboc-secretly-bought-record-735-tons-of-gold-2023
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