Afternoon everyone ….
If you’ve been watching the charts of precious metals, then you already know that in the past month gold is up nearly $100.
I also know that most of the people on this platform hate gold and silver. All they want to hear is the same posts about the same crypto from thirty different people.
But I happen to be diversified in my holdings and believe having my money invested across several areas and precious metals is one I whole heartedly believe in. So all the Leofinance people that won’t vote on my posts because they aren’t a rehash of what thirty or more people already posted about. Keep your vote!
Those who have an open mind will appreciate what I’m writing about.
Well China is back at it again. Buying up tons of gold. Here is some of the article posted from Bullionstar.
After a more than 3 year hiatus, China’s central bank, the People’s Bank of China (PBoC), is back on the scene claiming the resumption of monthly gold ‘purchases’.
While ‘one swallow does not make a summer’, maybe two do, and now for the second month in succession, China has released data showing significant additions to the PBoC’s monetary gold holdings.
The first monthly update came on 7 December 2022 when China’s State Administration of Foreign Exchange (SAFE), which publishes China’s official reserve asset figures, showed that during November 2022, the PBoC added 32 tonnes to its monetary gold reserves.
SAFE reports Chinese monetary gold reserves in ‘millions of troy ounces’. The actual announced increase in monetary gold reserves between October and November 2022 was from 62.64 mn ozs (1,948 tonnes) to 63.67 mn ozs (1,980 tonnes), which is an increase of 1,030,000 oz (or 32 tonnes).
At the time on 7 December, BullionStar tweeted that “this latest news on increased PBoC gold reserves could be the start of a new monthly trend by China in announcing monetary gold accumulation”. One month later, this indeed has proven to be the case.
The second PBoC monthly update came on 7 January 2023, when SAFE’s official reserve update showed that in December 2022, the Chinese central bank added another 30 tonnes of gold to its monetary gold reserves, with PBoC gold holdings rising from 63.67 mn ozs (1,980 tonnes) to 64.64 mn ozs (2,010.53 tonnes). See here for latest SAFE data.
In total, that’s 62 tonnes of gold added to the PBoC’s claimed holdings over the last two months of 2022.
Just remember that this is what China has announced, so what are they doing that isn’t announced…….
Gold is a world currency, countries use gold to purchase things. Crypto is not, and probably won’t be anytime soon. Crypto has a place in real use, but mass adoption is still many many years away.
