China Is Buying Gold at Record Prices, Here’s Why
- The PBOC has now added roughly 650,000 ounces of gold to its reserves in August.
- China’s gold-buying streak has now extended to 22 consecutive months.
- China’s US Treasury holdings have now fallen to their lowest level in 18 years.
China’s central bank isn’t waiting for gold prices to cool off before buying. The People’s Bank of China (PBOC) added roughly 650,000 ounces, about 20.2 tonnes, to its gold reserves in August, its largest single-month increase since October 2023, even as prices sat near record highs.
A 22-Month Buying Streak
That August purchase extended China’s continuous gold-buying run to 22 straight months. Official reserves now stand at 76.73 million ounces. China’s continued buying despite elevated prices is the real signal here; this doesn’t look like opportunistic bargain hunting. It looks like a structural, long-term strategy that isn’t especi…
Read The Full Article China Is Buying Gold at Record Prices, Here’s Why On Coin Edition.
This content is automatically aggregated. Full credit goes to the original publisher (coinedition.com).
