China continues to de-dollarize reserves as gold stockpile climbs for 8th straight month

Yahoo!Finance/Filip DeMott/7-7-2023

photo of Chinese Panda 1-oz gold coin“The gold stockpiling comes amid the country’s bid to erode the dollar’s global dominance as well as growing economic and geopolitical uneasiness. Meanwhile, other central banks around the world are buying up gold too. In 2022, demand for the yellow metal skyrocketed, and the trend has continued into this year with first-quarter purchases up 176% annually.”

USAGOLD note:  China now holds 2330 tonnes of gold in reported official reserves. The official data, though, does not reflect gold held at its state banks. Yahoo cites China’s bid to “erode” the global dollar hegemony and as a hedge against “growing economic and geopolitical uneasiness.”

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