China Buys 23 Tons Of Gold In 9th Straight Month Of Purchases, Total Rises To Record 2,137 Tons
Not only is China ravenously buying up all the physical gold it can get its hands on – something it has been doing pretty much non stop since 2009, for the most part covertly with occasional periods of public disclosure meant to achieve specific political goals – more importantly, it is letting the world know it is buying up all the physical gold it can get its hands on.
On Monday, the Chinese central bank revealed that in July it increased its gold reserves for a ninth straight month as central bank purchases – in big part out of China – continue to underpin the price of the precious metal, offset selling by ETFs.
The bullion held by the People’s Bank of China rose by 740,000 troy ounces, or about 23 tons, bringing the country’s total stockpile to a record 2,137 tons, with around 188 tons added in a run of purchases that began in November. What China’s true purchases are, however, remains a mystery and will be revealed only when Beijing is ready with whatever it has in mind next for its currency.
As we reported previously, China has led central bank buying of gold in 2023 as it continues to diversify its reserves away from the weaponized US dollar. That’s helped keep prices buoyant despite rising interest rates around the world, which typically sap demand for non-interest bearing bullion. One can only imagine what will happen once rates start diving and when the exponential increase in US debt forces the Fed to resume monetizing it.
Official purchases are key to the outlook for prices this year, according to the World Gold Council. The industry body expects central banks to keep adding to their holdings, although at a slower pace than last year when demand surged in the hunt for alternatives to the dollar after the US sanctioned Russia’s reserves following its invasion of Ukraine.
Meanwhile, the PBOC also reported that China’s total foreign currency reserves rose by $11.3 billion to $3.204 trillion in July, up 3.2% on the year and 0.4% on the prior month, and higher than the $3.193 trillion consensus estimate.
Tyler Durden Tue, 08/08/2023 – 22:25
Source: https://freedombunker.com/2023/08/08/china-buys-23-tons-of-gold-in-9th-straight-month-of-purchases-total-rises-to-record-2137-tons/
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
| Visits: | 1,702,204,766 |
| Stories: | 8,434,023 |
Whistler Blowers, Insiders
