Loading ...China Confirms It Is “Mystery” Massive Gold Buyer With First Official Purchase In 3 Years
One month ago, we sparked a frenzy across precious metals circles when we reported that a “mystery” buyer had bought some 300 tons of gold, roughly three quarters of what would be a record 399 tons of central bank gold purchases in the third quarter.
And while we clearly had one name as the most likely suspect behind the residual buying, it wasn’t until a report two weeks later by Japan’s Nikkei that said name emerged front and center.
vernight the PBOC officially reported an increase in its gold reserves for the first time in more than three years, confirming that the world’s most populous country was indeed the mystery buyer in the bullion market.
on Wednesday the Chinese central bank raised its holdings by 32 tons in November from the month before and really from the last official update in Sept 2019, according to data on its website.