(Schiff)—Central banks gobbled up gold over the summer and the buying spree has continued into the fall. Globally, central banks added another net 42 tons of gold to their reserves in October.
China continues to be the biggest gold purchaser. The People’s Bank of China added another 23 tons of gold to its hoard in October as it expanded its official reserves for the 12th straight month.
Many Americans are taking some of their money out of banks and “woke” retirement accounts and moving to physical precious metals. Contact Ira and he’ll show you how easy it is to move cash, investments, or retirement into PHYSICAL precious metals without the gimmicks or runaround.
Since the beginning of the year, the People’s Bank of China increased its reserves by 204 tons, and it has added 255 tons since it resumed official purchases in November 2022. As of the end of October, China officially held 2,215 tons of gold, making up 4% of its total reserves.
Most people believe the Chinese hold even more gold than that off the books.
There has always been speculation that China holds far more gold than it officially reveals. As Jim Rickards pointed out on Mises Daily back…
Read the full article here