Secret Gold Hoarding by China: A Strategy to Influence Market Dynamics
Jan Nieuwenhuijs, a gold analyst focusing on Chinese markets, claims that China continues to covertly buy gold through UK bullion banks, bypassing traditional reporting channels.
According to Nieuwenhuijs, the People’s Bank of China (PBOC) has accumulated 53 tonnes of gold in March, using non-traditional methods to keep its purchases off the market radar. This approach, aimed at cooling off gold prices, allows China to discreetly add to its reserves while avoiding market disruption.
Nieuwenhuijs suggests that this strategy supports China’s goal of diversifying its foreign exchange reserves and preparing for potential shifts in global currency values.
Clever Robot News Desk 2nd August 2024
