Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: ggersh who wrote (195277)	1/13/2023 2:12:31 AM
From: TobagoJack	3 Recommendations Recommended By ggersh maceng2 Roads End Read Replies (1) \| Respond to of 218012

Re <<Why but oh why would China do this?>> Given that US$ / Euro / Yen / AUD / CAD are no longer good for purchase of Russian energy, minerals and food, China must stock up on new and more usefully solid reserve currency, a reasonable guess. At 400 tons a clip (~$22 billion), and with 3 trillion US$ equivalent in fiat reserve plus ~$10B-add per 30 days, gold might be harder to come by going forward, at $1,800 At $3,600, likely still hard to get At $5K, slightly easier bloomberg.com China Extends Gold Buying With Fresh Flows to Central Bank Sing Yee Ong 7 January 2023 at 11:34 GMT+8 China reported an increase in its gold reserves for a second straight month, topping up holdings again after its first reported purchase in more than three years. The People’s Bank of China raised its holdings by 30 tons in December, according to data on its website on Saturday. This follows November’s additionof 32 tons, and brings the nation’s holdings to a total of 2,010 tons. Central bank purchases of bullion hit a record in the third quarter of last year at almost 400 tons, with only a quarter going to publicly identified institutions, according to the World Gold Council’s demand trends report. China’s disclosure of its gold buying sheds some light on the identity of these mystery buyers. Market watchers speculate Russia could be another purchaser. Read: Mystery Whales Baffle Gold Market After Central Bank Purchases China had previously reported its reserves infrequently. November’s 32-ton addition was the country’s first reported inflow since September 2019. Prior to that, the last previous increase was in October 2016. The nation’s end-December foreign currency reserves rose $10.2 billion from the previous month, and totaled $3.13 trillion at the end of last month, People’s Bank of China data showed on Saturday. Asian nations have been replenishing their war chests amid waning dollar strength. (Update FX reserves figure in the last paragraph)