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China reveals gold buying after quarter of mystery purchases
This is so silly and pathetic. How much gold did Chinese state banks and other enterprises purchase in the last three years, holding it off the books of the People's Bank of China? None? Does Bloomberg really think that China (or any rival of the United States) will be honest about its gold investories with the International Monetary Fund, the compiler of official gold reserve data and an instrument of U.S. dollar imperialism? At least Bloomberg could raise the question of unreported gold purchases by Chinese state agencies -- if the news agency ever wanted to get real.
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By Sing Yee Ong, Martin Ritchie, Jason Rogers, and Eddie Spence
Wednesday, December 7, 2022
China reported an increase in its gold reserves for the first time in more than three years, shedding some light on the identity of the mystery buyers in the bullion market.
The People's Bank of China raised its holdings by 32 tons in November from the month before, according to data on its website today. That brought its total to 1,980 tons, the sixth-biggest central bank bullion hoard in the world.
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The gold industry has been rife with speculation over the central banks behind nearly 400 tons of sovereign purchases during the third quarter. Only about a quarter of the buying was publicly reported at the time, causing market watchers to tout both China and Russia as potential culprits. ...
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