China Buys 23 Tons Of Gold In 9th Straight Month Of Purchases, Total Rises To Record 2,137 Tons

• China Buys 23 Tons Of Gold In 9th Straight Month Of Purchases, Total Rises To Record 2,137 Tons
  by Tyler Durden, https://www.zerohedge.com/
  Not only is China ravenously buying up all the physical gold it can get its hands on – something it has been doing pretty much non stop since 2009, for the most part covertly with occasional periods of public disclosure meant to achieve specific political goals – more importantly, it is letting the world know it is buying up all the physical gold it can get its hands on.
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  On Monday, the Chinese central bank revealed that in July it increased its gold reserves for a ninth straight month as central bank purchases – in big part out of China – continue to underpin the price of the precious metal, offset selling by ETFs.
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  The bullion held by the People’s Bank of China rose by 740,000 troy ounces, or about 23 tons, bringing the country’s total stockpile to a record 2,137 tons, with around 188 tons added in a run of purchases that began in November. What China’s true purchases are, however, remains a mystery and will be revealed only when Beijing is ready with whatever it has in mind next for its currency.
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