China Buys Most Gold In Over 3 Years Amid “Determined Diversification” From Dollar
by Tyler Durden
ZeroHedge.com
Mon, 06/10/2019
China continued its renewed (public) gold-buying spree in May adding almost 16 tons of the precious metal to its reserve – the biggest monthly increase since January 2016.
“It’s a diversification away from the U.S. dollar, particularly given the trade tensions and the potential technology cold war that’s evolving,” said Bart Melek, global head of commodity strategy at TD Securities.
“We have to remember that gold is nobody’s liability.”
This is the sixth straight month of buying since China’s publicly reported pause.
While this figure is hotly contested as being an underestimate of Chinese State’s actual gold holdings, its the only figure available, and whatever the real number, its notable that the Chinese government has revived the trend of announcing physical gold purchases each and every month.
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