China Keeps Buying Gold
Month after month…
China just keeps adding to its gold reserves. The Peoples Bank of China acquired another 8.1 metric tons to its holdings in April. It has now added gold reserves for six consecutive months in a row.
The World Gold Council reports that since November, China’s official reserves have grown by 128 tons, to a total of 2076.5 tons.
Close observers have concluded that China’s total gold holdings are much larger than what is reflected in its central bank reserves. It is widely suspected that China keeps additional gold in substantial unreported accounts in the name of entities like the People’s Liberation Army, the Chinese Communist Party, and the Chinese Youth League.
China’s national industrial policy has prioritized gold production as well. It is now the world’s leading gold producer.
We note as significant that China’s gold boost is occurring at the same time it is repositioning itself on the global stage in a more assertive way. It is brokering of a detente between the Saudis and Iran is a leading example. The proactive stance extends to trade and currency issues. Russia, Iran, and Venezuela account for 40 percent of OPEC’s proven oil reserves. China has managed to have each of them now selling oil to China at discounts to world market prices.
OilPrice.com reported earlier this year that “The countries of the Gulf Cooperation Council (GCC)–most notably Saudi Arabia and the UAE–account for another 40 percent of proven oil reserves, and they are increasingly cozying up to China. The remaining 20% is also accessible to China, and China is already the largest importer of crude in the world.”
If you intended to overtake a tired and high-inflation currency on the world stage, one that has long since repudiated its promise to redeem its money in gold, and has used its currency as a means of enforcing its foreign policy mandates around the world, what would you do?
You might start by prioritizing gold production and building gold reserves for the future. You might take advantage of the de-dollarization trend by making your own currency more inviting, more alluring. And that is just what China is doing.
Nothing happens overnight, but the dollar’s role on the world stage is changing. You need to consider adding to your own personal gold reserve now. Speak with a Republic Monetary Exchange gold and silver specialist today.