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Jan Nieuwenhuijs: China secretly snaps up more gold and positions for metal's greater role

Section: Daily Dispatches

By Jan Nieuwenhuijs
Money Metals Exchange, Eagle, Idaho
Tuesday, December 24, 2024

While 99% of the media keeps staring at official data by the Chinese central bank (PBoC)—misleadingly stating it added 5 tonnes of gold in November following a supposed six-month pause—the PBoC’s "unreported" purchases in London accounted for a stunning 60 tonnes in September and another 55 tonnes in October.

And while cross-border trade statistics from the U.K. for November have yet to released, I foresee another purchase of a similar magnitude.

... Dispatch continues below ...


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Chinese authorities see a greater role for gold in the future international monetary system, or they wouldn’t continue buying such extraordinary amounts of gold. Via London alone, the PBoC has stockpiled 1,000 tonnes of gold since Russia’s foreign exchange assets were "frozen" by the West in early 2022. ...

... For the remainder of the report:

https://www.moneymetals.com/news/2024/12/24/china-secretly-snaps-up-more-gold-positions-for-its-greater-global-role-003711

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