China’s Central Bank Buys Another 14 Tons of Gold … Bullion Falls To 3 Month Low

Monday, November 9, 2015
By Paul Martin

By: GoldCore
GoldSeek.com
Monday, 9 November 2015

– PBOC declared gold reserves now about 55.38 million troy ounces or 1,722.5 metric tonnes

– Central bank gold rose to $63.26 billion by end-month – less than 2% of $3.53 trillion FX reserves

– China disclosed on July 17th that its gold holdings had surged 57% since 2009

– China officially owns around 1,720 tonnes of gold – true total figure likely much larger

– China’s total gold holdings much higher as also owns gold in CIC

China’s central bank likely added another 14 tonnes of gold to its reserves in October as the People’s Bank of China (PBOC) continues to allocate to gold bullion as part of a plan to diversify its massive $3.53 trillion in foreign-exchange reserves and position the yuan as a global trading and reserve currency.

Gold prices rose 2.5 % in October but fell nearly 5% last week on continuing speculation of a possible Fed interest rate rise. Despite much poor U.S. economic data in recent weeks, the positive jobs number on Friday saw safe haven gold fall.

Based on the London Bullion Market Association (LBMA) afternoon gold price on the last trading session of October, China’s reserves likely totalled 55.378 million troy ounces or 1,722.5 tonnes at the end of last month. That would be an increase of about 14 tonnes from September. The PBOC reveals the dollar value of its gold reserves early in the month, before revealing the volume numbers later on.

China’s gold reserves rose by about 15 tons in September, 16 tons in August and the highest monthly purchase was nearly 19 tonnes in July.

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