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Jan Nieuwenjuijs: Strong PBoC and Chinese private-sector buying continues to boost gold
By Jan Nieuwenhuijs
Gainesville Coins, Lutz, Florida
Wednesday, May 22, 2024
Chinese private-sector gold imports accounted for 543 tonnes in the first quarter, while the People's Bank of China added 189 tonnes to its reserves over this time.
Most of the PBoC's purchases are "unreported."
China continues to be the marginal buyer in the gold market, driving up the price. I expect that China will remain a robust buyer of gold going forward in support of the price.
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In my latest article on global gold flows from March 2024, "China Has Taken Over Gold Price Control from the West," I showed that in 2022 China broke the peg between the U.S. dollar gold price and "real yields."
Instead of being price-sensitive, China had become a driving force of the gold price.
The data at my disposal ran until December 2023 which made me hesitant to conclude the sharp increase in the gold price since late February was also caused by the Chinese. However, as new data has been released, I can confidently say that China initiated the current bull market. ...
... For the remainder of the analysis:
https://www.gainesvillecoins.com/blog/strong-pboc-chinese-private-sector-buying-boosts-gold-price
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