China expands gold reserves at central bank for fifth month
“China boosted its gold reserves for a fifth straight month, extending efforts by the world’s central banks to boost their holdings of the precious metal. The People’s Bank of China raised its holdings by about 18 tons in March, according to data on its website on Friday. Total stockpiles now sit at about 2,068 tons, after growing by about 102 tons in the four months before March.”
USAGOLD note: China points the way on central bank gold acquisitions as global official sector demand continues to grow. Some experts believe that central bank demand is at the core of the price rise over the past four years.