Afternoon everyone….
Are you buying gold???? If your answer to this answer is no, you might want to reconsider it. Countries across the globe are buying up gold at record weight.
This is the telltale sign that something big is going to happen to all fiat currencies around the world. China aside from being the number one mining country in the world for gold, they are also buying huge amounts…
State Administration of Foreign Exchange data shows China increased gold bullion holdings by 8.09 tons in April. April represents the sixth straight month China increased its gold holdings. Over the last six months, China's official gold holdings rose by about 128.09 tons. The official stockpile is 2,076 tons, but experts debate whether it is trustworthy.
Like several central banks, China prefers anonymity and rarely reports gold purchases. According to the Gold Council, 75% of central banks purchased gold anonymously in 2022. China reported buying gold in 2019 and 2016. However, analysts have speculated for decades about the totality of China's actual holdings. China is the largest gold producer and is notorious for manipulating economic data. Most industry experts believe the number is significantly higher than China officially reports.
Bloomberg reported in 2013 that Russia was the primary buyer of gold over the previous decade, and China was the second largest buyer. The article contains a quote from a Russian lawmaker and ally of Putin, Evgeny Fedorov. “The more gold a country has, the more sovereignty it will have if there’s a cataclysm with the Dollar, The Euro, the Pound, or any other reserve currency,” Fedorov said.
China is not the only country heeding Russia’s instructions to hold physical gold to counterbalance the Dollar’s risks. The Gold Council released its Gold Demand Trends report for Q1 2023. Central banks have been buying record amounts of gold bullion for nine straight months. Central bank demand was less than in the previous two quarters but still well above average. The report stated, "Central banks have continued to surprise to the upside.