top of page

LIPatriots.com Group

Public·25 members
Svyatoslav Teterin
Svyatoslav Teterin

Chinese Government Buying Gold [NEW]


As a result of exceptional central bank buying and an expected return of inflows for gold-backed ETFs, UBS raised its year-end target for the precious metal to $2,100 per troy ounce, up from $1,850 previously.




chinese government buying gold


Download Zip: https://www.google.com/url?q=https%3A%2F%2Fvittuv.com%2F2uhpmR&sa=D&sntz=1&usg=AOvVaw01XGv9y4RXI3M6xArVoRN2



Could the US combat such a move? The answer is probably not. How could the US match such a sound money policy out of China? China has healthy government finances, much better than the US. Additionally, Chinese policymakers may be attempting to cement a relationship between the yuan and gold. Ah, speculation. In his own words:


Türkiye, experiencing 86% year-over-year inflation as of October 2022, was the largest buyer, adding 148 tonnes to its reserves. China continued its gold-buying spree with 62 tonnes added in the months of November and December, amid rising geopolitical tensions with the United States.


The global economy was flashing danger signs long before the pandemic. For one thing, many countries were clamouring to get hold of as much gold as possible. For the past decade, they have been buying new reserves and bringing it home from overseas storage to an extent never seen in modern times. Then just before the pandemic, there was a pause. What does all this mean?


In 1971, the US government abandoned its commitment to exchange US dollars for gold on request, to switch to a paper money system that allowed the US central bank to finance the Vietnam War. Before that point, the price of gold had not moved substantially for hundreds of years.


But the countervailing trend is that the Chinese government is trying to foster channels for foreign currency to be pumped out of the country without the involvement of the central bank. The government has been buying a wider range of assets and encouraging the private sector to invest more money overseas.


There are reports that children as young as age 12 produce gold in Kenya. Children reportedly work at small-scale and artisanal mining sites in western Kenya. Local government officials estimate that there are 8,000 children working at informal gold mining sites in Migori County, while other media and NGO reports document widespread cases of children engaged in mining activities related to the production of gold throughout western Kenya. In many cases, children drop out of school to work at gold mining sites. Children are involved in hazardous forms of work, including using pick axes, engaging in work underground, and carrying heavy loads. In some cases, children working in gold mining have been trapped in collapsed mines, have suffocated, or have been exposed to mercury.


While there was not significant buying or selling, the sales that did take place came from four principal sources. The USSR continued the gold sales it had begun in the 1950s in order to compensate for the failures of the command economy. South Africa began selling in 1985 when the US imposed sanctions against apartheid. The IMF sold some gold as part of its ultimately unsuccessful bid to establish the Special Drawing Right as a major reserve currency. And the US sold some reserve gold in support of its efforts to secure the dominance of the dollar in the international monetary system.


More substantial selling began to emerge toward the end of the 1980s, and we saw net central bank sales every year up until 2009. Some of the biggest sellers were predominantly the governments of developed markets, including the Netherlands, Belgium, Australia, Switzerland, the UK, South Africa, and Canada. Toward the end of this period, some emerging market countries began to acquire gold for their official reserves. But these purchases were outweighed by sales, primarily from the advanced economies of Western Europe and North America. Sales gradually dwindled as this period came to a close. 041b061a72


About

Welcome to the group! You can connect with other members, ge...

Members

  • MG Co.
  • Ishita Pataliya
    Ishita Pataliya
  • jsimith6912
  • Anaya Patel
    Anaya Patel
  • Vitto Scaletta
    Vitto Scaletta
bottom of page