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Prepare for a weaker dollar as China continues to secretly build up its gold reserves

2024/08/01 15:44

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China has been secretly buying gold without informing the market, according to Jan Nieuwenhuijs, a gold analyst focused on Chinese markets. This strategy is allegedly designed to take advantage of a price cool-off.

Buying via UK Bullion Banks

The People's Bank of China (PBOC) is reportedly purchasing gold through UK bullion banks. These transactions go unreported because they use non-traditional banking conduits.

Evidence of Secret Purchases

Nieuwenhuijs claims that in March, China added 53 tonnes to its gold reserves through these undisclosed purchases. He points to evidence such as the increase in net gold imports that exceed traditional market absorption and a shift in the relationship between net imports, mine production, and withdrawals since 2022.

There has been a significant influx of large gold bars from the UK to China, not found in the Shanghai Gold Exchange vaults. A source indicated that central bank gold is often included in customs data, supporting the idea that the PBOC is buying gold secretly.

Cooling Off the Market

By underreporting its gold purchases, the PBOC aims to keep prices lower, allowing it to continue adding to its reserves cost-effectively. Nieuwenhuijs suggests that the PBOC may have acquired 53 tonnes in May, despite publicly claiming no transactions.

Preparing for US Dollar Debasement

Nieuwenhuijs previously reported that the PBOC might be holding over 5,300 tonnes of gold in preparation for a potential debasement of the US dollar.

China

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