China Buying Gold at Buying

China Buying Gold. Providing exclusive original content and interviews with some of the best known voices in the world of economics and precious metals. In the first five months of the year, it bought 78 tons of gold.

The hong kong data alone show that china went from importing just over 100 tons of gold in. China has, on average, imported gold worth about $600 million a month, or roughly 10 tonnes, chinese customs data show. China is saying, in effect, “we’re not comfortable holding all these dollars unless we can have gold.

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China only begun to buy gold again, which is also supporting its mining industry as the us did during the 19th century with silver. Real gold reserves are one step towards building that trust. The world’s biggest gold consumer, china, has given domestic and international banks permission to import large amounts of gold into the country, reuters reported, citing its sources. In 2019, its imports ran at about $3.5 billion a.