Over the past year, Gold has been looking quite similar to China’s currency, the Yuan. Eerily so.
Bloomberg had this story back in July of this year: “China’s Gold Mystery: Is Nation Slowly Increasing Reserves?”
The case for China raising its gold holdings seems compelling.
A potential trade war with the U.S. that threatens growth, simmering tensions on the Korean peninsula and this year’s slump in gold prices are reasons to buy. But People’s Bank of China data show the country’s gold reserves haven’t risen since Donald Trump was elected President in 2016. Still, this wouldn’t be the first time the central bank has kept silent while adding to its stash.
I guess the answer is yes, but not since Trump was elected President. But I have the sneaking suspicion that China is adding to its gold stash.