China buying more gold…
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.
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Likely part of their plot to replace the US dollar
The US dollar is the number one currency in the world. The Yen is in bad shape and unless China plans on backing their Yen with gold it will always be inferior to the US dollar.
Not always, once Saudi drops Dollar and joins up with Russia/China side of things the dollar is in trouble. That said China’s currency will never ever be the world reserve currency in the west. It will be a new thing. The dollar is indeed fucked the next couple years though.
Chinas currency will not be world reserve currency in the west. But the dollar is loosing that status soon indeed. Not to be replaced by China though. Will be something else or multiple things.
I agree with you, mass adoption of digital currency is still years away. I personally love precious metals, and have been collecting them for years and years before crypto came around. If China keeps buying up gold the price will only continue to go up, and you know they have a reason for buying so much!
!CTP
The worst thing that can happen is a universal digital currency. It will destroy everything.
Oh I agree 100% on that! I think it may happen down the line anyway. I'll still want to hang on to my silver and gold because it will always be worth something!
It’s being discussed openly now by the central planners. It is coming. Euro centralized one 2024 they say. We need a black market underground market to fight back. I don’t see any stopping it. Crisis created and they bring the solution. It’s coming sadly.
It’s already officially planned. The central planners are discussing publicly. I give it 5 years or less. More likely 3 years. Centralized garbage evil.
I agree with you 100%! Nothing good will come of it....
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Gold is shiny. You can feel that it is something special when you hold it in your hands. People love it for its looking, durability, and heavy weight.
Bitcoin is invisible. If you understand its abstract concept, you know that it is something special when you hold it in your head. People love it for its absolute scarcity, durability, and zero weight.
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I believe in both, and I have both. The issue for me is in a fiat collapse will my Bitcoin be able to help me? That is still an unknown. I know for a fact my gold and silver will.
It will take some time for crypto to be adopted as a world currency. But I wonder if that is the intent of cryptos or what is best for cryptos.
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If we go to world digital currency that is universal to all countries it will be an absolute disaster. No conversion rates, no buying power like we currently have over just about every country. Think of all the countries that currently have completely useless fiat, they would be even with every country then. It won’t work.
I don’t see any real crypto being a official reserve currency unless it’s a centralized one created by the world governments. The decentralized ones will be Widely used and grow but not official reserve. Mainly bitcoin but not in some official status.
You can bet the real quantity is much more than that.
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No doubt about that
There so much demand for gold now. Prices shall keep on rising !
Come on man, tell me more about cryptos!
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The world will keep buying silver
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If only they bought some hive 🤣