First week of November, World Gold Council The (WGC) report, which covered global gold demand last quarter, noted that central banks around the world purchased nearly 400 tonnes of gold in the third quarter of 2022. The survey emphasized that it was “the most on record,” and WGC researchers also found a “substantial estimate.” For unreported purchases. A report released on November 22 said the mysterious gold buyer was likely China, which also claimed to have “purchased significant amounts of gold from Russia.”
Q3 mystery gold buyer likely to be China, market analyst says
Published by Japan’s Nikkei news agency According to report, China is suspected of stockpiling gold to “reduce its reliance on the US dollar.” The Nikkei report follows a recent survey released by the World Gold Council (WGC) that showed global central banks bought large amounts of gold in the last quarter.
At the time, the WGC report further referred to “unreported purchases” and mysterious buyers who obtained significant amounts of precious metals. However, the WGC’s quarterly report does not reveal the identity of the mysterious gold buyer.
According to a Nikkei article, the mysterious buyer is believed to be China, and the move is meant to cut China’s dependence on the US dollar. Speaking to a Nikkei reporter, precious metals analyst Koichiro Kamei told the magazine the scale of gold purchases by mystery buyers was “unprecedented.”
Market analyst Itsuo Toyoshima believes that China has likely purchased a large amount of gold from Russia. federation. “China likely bought a substantial amount of gold from Russia,” Toshima told a Nikkei reporter.
This is not the first time China has kept its gold purchases secret, as China has not actively reported its gold holdings and purchases since 2019. Central banks have been secretly stockpiling massive amounts of gold since 2009.
China’s gold reserve program is probably one of many moves aimed at keeping the country’s finances away from the US dollar. At the end of October, economists discussed the possibility of Russia and China developing a gold-backed currency that could undermine the dollar.
Additionally, Russia and her BRICS members have revealed plans to create a new international reserve currency in June. Saudi Arabia has asked to join her in the BRICS countries.
At the end of October, Rich Dad Poor Dad author Robert Kiyosaki said Saudi Arabia wanted her to join the BRICS. as one of the reasons he trusts the US dollar. toast. The Nikkei article also points out that the Chinese government is “giving up U.S. Treasuries,” and recently China has given up billions of dollars in U.S. Treasuries.
Market analyst Toyoshima told Nikkei staff and his writer Munemasa Horio, “The People’s Bank of China has invested in a portion of his over 2,000 tons of gold held by the Central Bank of the Russian Federation. is likely to have been purchased,” he said.
According to WGC statistics, the Russian Federation held approximately 2,298.5 tonnes of gold as of January 2022. China is believed to be her sixth-largest country in terms of gold holdings, while Russia is ostensibly her fourth. Europe’s largest gold reserves.
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