Report: China Suspected of Stockpiling Gold to ‘Cut Greenback Dependence’

Report: China Suspected of Stockpiling Gold to ‘Cut Greenback Dependence’


During the first week of November, the World Gold Council’s (WGC) report that covered last quarter’s global gold demand noted that central banks worldwide purchased close to 400 tons of gold in Q3 2022. The study highlighted that it was the “most on record,” and the WGC researchers also spotted a “substantial estimate for unreported buying.” A report published on Nov. 22 now says the mystery gold buyer is likely China, and it further alleged that the country “bought a substantial amount of gold from Russia.”

The Third Quarter’s Mystery Gold Buyer Is Likely China, Market Analyst Says

According to a report published by Japan’s Nikkei news outlet, China is suspected of stockpiling gold to “cut greenback dependence.” Nikkei’s report follows the recent study published

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