Contact us
CALL US NOW 1-888-GOLD-160

China Increasing Gold Holdings at Steady Pace

  by    1   1

The Chinese central bank continues to increase its gold holdings at a steady pace.

china gold

Figures released by the People’s Bank of China indicate its gold stash went up another 1% in September, according to a Reuters report:

Gold reserves rose by 480,000 fine troy ounces, or 14.9 tons, to 54.93 million ounces, or 1,708.5 tons at the end of September, the People’s Bank of China (PBOC) said.”

This follows a trend we’ve seen ever since China announced its gold holdings for the first time in nearly six years last summer. The central bank added 16.2 tons in August and nearly 19 tons in July, a steady 1% increase each month.

In mid-July, the Chinese central bank announced its gold holdings had grown by 57% to about 1,658 tons. It was the first official update to China’s gold reserves since 2009. That lifted the nation above Russia to become the fifth largest holder of gold in the world.

ANZ commodity strategist Victor Thianpiriya told Reuters he expects the Chinese gold buying spree to continue, despite rising prices in October.

Their buying has been pretty consistent. It’s clear that they consider gold to be an important part of their holdings. So it won’t surprise me if they continue to add to reserves.”

Since July, the Chinese central bank has released updates on its gold holdings each month. Many analysts believe China is stockpiling gold to stabilize its yuan currency in the eyes of the international community. That would explain the sudden increase in transparency.

As we reported last month, other countries, particularly Russia, continue to increase their gold reserves as well.

Central bankers understand that gold provides stability and historically preserves wealth over time. This is precisely why countries around the world continue to hold and increase their supplies of the precious metal, and why wise investors also buy gold.


Get Peter Schiff’s most important Gold headlines once per week – click here – for a free subscription to his exclusive weekly email updates.
Interested in learning more about physical gold and silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!

Related Posts

Silver Demand Expected to Exceed 1 Billion Ounces in 2021

Every key area of silver demand is forecast to rise in 2021, according to the Silver Institute’s Interim Silver Market Review. The institute projects silver demand will come in at 1.029 billion ounces this year. That would mark the first year demand has exceeded 1 billion ounces since 2015.


Jerome Powell 2.0

President Joe Biden has tapped Jerome Powell to serve a second term as chairman of the Federal Reserve. Biden said Powell’s “steady leadership” helped calm markets as governments shut down the economy due to coronavirus, and he expressed confidence in Powell’s future leadership. “I believe Jay is the right person to see us through,” Biden […]


The Fed Pulled Off a Masterful Manipulation of the Junk Bond Market

The Federal Reserve pulled off a magnificent manipulation of the junk bond market, facilitated a massive wealth transfer from savers to speculators, pocketed millions of dollars, and then washed its hands of the matter. In March 2020, as governments shut down the economy for coronavirus, the Fed slashed interest rates and launched a massive quantitative […]


Poland Plans to Add Another 100 Tons of Gold to Its Reserves

During a recent interview, Bank of Poland President Adam Glapiński said the central bank plans to add 100 tons of gold to its reserves in 2022. In 2018, the National Bank of Poland began aggressively adding gold to its reserves. Through the first half of 2019, the Polish central bank added more than 100 tons of […]


The Fed’s Artificially Low Interest Rates Are Eating Away at Social Security

The Federal Reserve has held interest rates artificially low for decades. This causes all kinds of distortions and misallocations in the economy. And it’s creating quite a problem for the Social Security Administration.


One thought on “China Increasing Gold Holdings at Steady Pace

  1. The worst has not happened yet. Expect a higher level of fiscal repression when reality is settled and accept no lies.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Call Now