The central bank of China has acquired another 30 tons of gold in December, bringing the communist nation’s total public gold holdings to 2,010 tons.
Data uploaded onto the central bank’s website on Saturday, Jan. 7, showed that the People’s Bank of China (PBoC) has raised its holdings for the said month. This follows the announced purchase of 32 tons in November. (Related: China loads up on gold reserves with recent “mystery” purchase of 300 TONS.)
“Then the sixth angel poured out his bowl on the great river Euphrates, and its water was dried up, so that the way of the kings from the east might be prepared.” Revelation 16:12
Before these two recent purchases, the last two times the people’s bank reported an inflow of gold were in Sept. 2019 and Oct. 2016. The recent stretch of large purchasing is being speculated as a response to heightened geopolitical risks to the global economy.
Because of the recent purchase, the value of China’s gold reserves has risen to $117.24 billion at the end of December, up by over $5 billion from $111.65 billion at the end of November.
China is also purchasing foreign currencies at rapid speeds. The communist nation’s end-December foreign currency reserves rose by $11 billion to a total of $3.128 trillion. Analysts interviewed by Reuters only predicted the country’s foreign currency reserves to rise to $3.154 trillion.
The People’s Bank of China is replenishing its foreign currency reserves amid the weakening of the dollar and the rising strength of the yuan, which rose by 2.8 percent against the United States dollar in December.
Announcement of PBoC purchases sparks rally in gold market
The gold market is trading at its highest level in over seven months, driven in no small part by the PBoC’s recent massive purchases of bullion. This has caused a small rally in the gold market, with analysts noting that the publicized purchases are supporting the climbing price of gold.
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