Down the yellow brick road: China buying gold & dumping dollar assets as trade war with US escalates | Metals Mine

  • Down the yellow brick road: China buying gold & dumping dollar assets as trade war with US escalates

    From rt.com

    The People’s Bank of China has purchased more than 70 tons of gold since December, according to the World Gold Council (WGC). Before that, the Chinese central bank had not reported an increase in gold reserves for more than two years, and the official figures remained unchanged from October 2016 to November 2018. Also on rt.com Gold prices on fire thanks to US-China trade war The increased gold purchasing by Asia’s top economy comes at a time when global central banks are accumulating the precious metal in record numbers. Russia has been the top buyer of gold, adding about 274 tons to its reserves last year. In the ... (full story)

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bulltrap
Jun 24, 2019 4:20pm
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With all the speculation around if the USD will remain everyone's choice for reserve currency - gold has some serious upside. If there are even any small shifts in strategy for significant nations you have to think gold will play a part.
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EventsTrader
Jun 24, 2019 4:06pm
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It's going to be interesting to see what happens when the SHFE opens later on. If China is buying gold in favor of US dollar assets, then we could see the gold rally continue later on tonight.
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