China's central bank bought more gold in August than in any single month since 2023, and the metal still can't hold above $4,400 an ounce. The People's Bank of China added 650,000 troy ounces, roughly 20 tonnes, to its reserves last month, according to data the central bank released Monday. That tops July's 640,000-ounce purchase and extends the PBOC's buying streak to 22 consecutive months, the longest run since China began disclosing monthly figures. Total holdings now stand at 76.73 million troy ounces, up from 76.08 million in July. The reported value of China's gold jumped to $350.08 billion from $306.35 billion a month earlier, though most of that increase reflects gold's own price gain rather than new tonnage. Gold now accounts for close to 10% of China's roughly $3.4 trillion in foreign exchange reserves, still far short of the 60% to 70% share held by the Federal Reserve and other major Western central banks. The freezing of roughly $300 billion in Russian central bank reserves after Moscow's 2022 invasion of Ukraine convinced reserve managers everywhere that dollar assets can be shut off with a phone call. Gold sitting in a domestic vault can't be. Gu Fengda, chief analyst at Guoxin Futures, called China's accumulation “a highly strategic and forward-looking deployment” of its reserves, not a bet on where gold trades next week https://oilprice.com/Metals/Gold/China-Adds-650000-Ounces-of-Gold-in-Biggest-Monthly-Buy-Since-2023.html
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Chris Pember@goldengriddle · 26d
Bought more shares of $AEM when it did its big drop. To quote Ross Healy: "I wouldn't sell my Agnico shares for all the tea in China."
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