China’s central bank has reportedly been ramping up its stockpiling of gold this year, according to Nikkei Asia. This is entirely unsurprising given the ongoing moves towards de-dollarisation and particularly in light of recent Western sanctions against Russia.
Analysts have observed a growing trend of central banks purchasing record amounts of the metal. The World Gold Council recently reported that central banks accumulated nearly 400 tonnes of gold in Q3. This is a more than fourfold year-on-year increase. However, only 90 tonnes have been accounted for by the central banks of Turkey, Uzbekistan and India, leading to speculation that it is China who bought the remaining roughly 300 tonnes.
China has been notoriously secretive about its gold holdings. It reported holdings of 600 tonnes in 2015 and has not reported any figures since 2019, when its official holdings stood at 1,948 metric tonnes. In reality, China’s holdings are far in excess of that figure.
China has ~40k tons of gold.
They have been mining 600mt pa for years and for 2.5 years during early 2010s, 1000mt per month headed east, not just to China, totalling 30k tons alone.
— The Sirius Report (@thesiriusreport) August 20, 2021
Both China and Russia have been systematically increasing their gold holdings for many years, as we reported back in 2016. While stockpiling gold, China has simultaneously reduced its US treasury holdings to the lowest amount since 2010. The fact that this movement has been accelerating in recent months signals growing concerns about reliance on the US dollar in light of Western sanctions against Russia and the US’s continuous meddling in Taiwan. China likely fears that if tensions with Taiwan escalate, the US may well attempt to freeze overseas assets as it did with Russia earlier this year.
It is looking increasingly likely that some other countries are following suit and we expect to see more strong moves out of the dollar and into gold going into 2023.
I think has Putin said there will be a basket of commodities with gold and silver at the front.
I think that the Chinese leader if he does not wind down on his totalism will get kicked out.
I made a mistake thinking the Boe was the first central bank in 1694, there was another bank in Amsterdam a public bank 1609, a bank owned not by money changers or investors, but by the city, what a dream this would be today and the main point, it worked?
Swedish "Riksbanken" claims they are the world's oldest Central bank.
https://www.riksbank.se/en-gb/about-the-riksbank/history/historical-timeline/
EAEU and China to draft independent monetary and financial system
15 March 2022
https://24.kg/english/227491_EAEU_and_China_to_draft_independent_monetary_and_financial_system/
21 NOV
Putin to attend EAEU summit in December — Kremlin
https://tass.com/politics/1539673
Could be an historic summit on 12/9🤔
The stacking of gold by Russia and China is old news. They saw where this money creation scheme was going and wanted to get ahead of it while the west continued to play Ponzi, obviously not worried about where this will leave their citizens.