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https://www.rt.com/business/470351-china-gold-buying-spree/
China adds over 100 tons of gold to its coffers this year amid ongoing trade war with US
7 Oct, 2019 09:24
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© Global Look Press / Mark Thomas
The People’s Bank of China raised bullion reserves to 62.64 million ounces (1,957 tons) last month from 62.45 million (1,951 tons) in August, bringing this year’s gold haul to over 100 tons.
Bullion hit the highest level in more than six years in September as slower growth, the trade war with the US, and rate cuts encouraged investor demand.
Official purchases will likely continue as protectionist policies and geopolitical concerns add to demand, said Suki Cooper, precious metals analyst at Standard Chartered Bank.
Also on rt.com Russia & China stockpiling gold because ‘they can read the writing on the wall’ – Peter Schiff
“Given strained relations with the US, China needs a hedge against its large holdings of the dollar, and gold serves that function,” Howie Lee, an economist at Singapore-based Oversea-Chinese Banking, told Bloomberg. “As China becomes a superpower in its own right, I expect more gold-buying.”
The bullion build-up coincides with a trade war with the US and a marked slowdown in growth at home. High-level trade talks are set to resume in Washington this week. US President Donald Trump said he was confident of reaching a deal, while Chinese officials are signaling their reluctance to agree to a broad trade deal, according to media reports.
Also on rt.com Golden rule: Russia brings bullion & foreign currency reserves to new highs
Trade tensions and market uncertainty have set the stage for a further boost in gold purchases by global central banks. In the first six months, central banks worldwide picked up 374.1 tons, helping push total gold demand to a three-year high, according to the World Gold Council. Along with China, Russia has been another large buyer of the yellow metal, adding substantial quantities of bullion.
For more stories on economy & finance visit RT's business section
Russia & China stockpiling gold because ‘they can read the writing on the wall’ – Peter Schiff
10 Sep, 2019 11:16
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© pexels.com
Global central banks, particularly those in Russia and China, have been boosting their gold reserves at a rapid place lately. The trend is projected to continue due to trade tensions and market uncertainty.
Russia, which was the world’s most committed purchaser of gold in 2018, has bought 106 tons of the precious metal this year. The country’s gold bullion holdings have reached $109.5 billion as of September. Russia is on course to become the world’s fourth largest reserve holder, largely thanks to the steady interest in buying gold.
Also on rt.com China boosts gold reserves by nearly 100 tons
The People’s Bank of China has added about 100 tons of gold to its reserves since December. Its bullion reserves rose to 62.45 million troy ounces (2,141 tons) as of the end of last month – nearly five percent more since the end of last year. The value of China’s gold holdings increased to $95.45 billion at the end of August.
“They can read the writing on the wall,” Euro Pacific Capital CEO Peter Schiff told FOX Business, while talking about Russia and China’s gold purchases. He added that the two countries are “preparing for the world where the dollar is no longer the reserve currency.”
Also on rt.com Golden rule: Russia brings bullion & foreign currency reserves to new highs
Russia and China have been consistently stockpiling gold bullion in recent years to shift their growing international reserves away from the US dollar. They are currently the world’s biggest purchasers of the metal.
Increased gold purchases have helped to propel the price of the precious metal to its highest level in more than six years. Gold is up almost 18 percent this year and last month hit $1,550 an ounce for the first time since April 2013. On Tuesday, it was trading at around $1,500 per ounce.
For more stories on economy & finance visit RT's business section
Trends:China newsGold news Russia news
https://www.rt.com/business/468260-russia-gold-reserves-record/
Golden rule: Russia brings bullion & foreign currency reserves to new highs
7 Sep, 2019 14:32
Get short URL
© Getty Images
Russia’s gold bullion holdings have reached $109.5 billion as the nation continues to shift its growing international reserves away from the US dollar, according to the latest data released by the country’s central bank.
Russia has increased its stockpile of the precious metal by more than $7.5 billion in one month, figures released by the Central Bank of Russia (CBR) on Friday show. Thus, the share of gold in the nation’s reserves has set a new record, jumping to 20.7 percent from the previous 19.6 percent.
Also on rt.com Russia’s credit rating soars to pre-sanctions level with reserves projected to reach $600 billion
At the same time the country continues to boost its international reserves, which have reached record highs not seen since February 2013. The foreign exchange reserves rose around $9.2 billion or 1.8 percent in one month to reach $529.083 billion on September 1.
Russia has been consistently stockpiling gold bullion in recent years to cut reliance of the economy on the greenback. Thanks to the massive purchases of the precious metal, Russia was crowned the world’s largest purchaser of gold last year.
As of the end of July, Russia’s gold holdings amounted to around 2,217.68 tons after it added another 9 tons of the yellow metal to its coffers in one month. Since the beginning of the year, the central bank has increased its bullion holdings by a total of 106 tons.
Also on rt.com Central banks’ gold-buying spree to continue in coming years as global economic doubts rise
If Moscow continues boosting its international reserves, which include foreign currencies and monetary gold among other assets, it is poised to overtake Saudi Arabia and replace it as the fourth biggest holder of foreign currency reserves, according to a recent Bloomberg forecast.
China adds over 100 tons of gold to its coffers this year amid ongoing trade war with US
7 Oct, 2019 09:24
Get short URL
© Global Look Press / Mark Thomas
- 111
The People’s Bank of China raised bullion reserves to 62.64 million ounces (1,957 tons) last month from 62.45 million (1,951 tons) in August, bringing this year’s gold haul to over 100 tons.
Bullion hit the highest level in more than six years in September as slower growth, the trade war with the US, and rate cuts encouraged investor demand.
Official purchases will likely continue as protectionist policies and geopolitical concerns add to demand, said Suki Cooper, precious metals analyst at Standard Chartered Bank.
Also on rt.com Russia & China stockpiling gold because ‘they can read the writing on the wall’ – Peter Schiff
“Given strained relations with the US, China needs a hedge against its large holdings of the dollar, and gold serves that function,” Howie Lee, an economist at Singapore-based Oversea-Chinese Banking, told Bloomberg. “As China becomes a superpower in its own right, I expect more gold-buying.”
The bullion build-up coincides with a trade war with the US and a marked slowdown in growth at home. High-level trade talks are set to resume in Washington this week. US President Donald Trump said he was confident of reaching a deal, while Chinese officials are signaling their reluctance to agree to a broad trade deal, according to media reports.
Also on rt.com Golden rule: Russia brings bullion & foreign currency reserves to new highs
Trade tensions and market uncertainty have set the stage for a further boost in gold purchases by global central banks. In the first six months, central banks worldwide picked up 374.1 tons, helping push total gold demand to a three-year high, according to the World Gold Council. Along with China, Russia has been another large buyer of the yellow metal, adding substantial quantities of bullion.
For more stories on economy & finance visit RT's business section
- 111
Russia & China stockpiling gold because ‘they can read the writing on the wall’ – Peter Schiff
10 Sep, 2019 11:16
Get short URL
© pexels.com
- 417
- 1
Global central banks, particularly those in Russia and China, have been boosting their gold reserves at a rapid place lately. The trend is projected to continue due to trade tensions and market uncertainty.
Russia, which was the world’s most committed purchaser of gold in 2018, has bought 106 tons of the precious metal this year. The country’s gold bullion holdings have reached $109.5 billion as of September. Russia is on course to become the world’s fourth largest reserve holder, largely thanks to the steady interest in buying gold.
Also on rt.com China boosts gold reserves by nearly 100 tons
The People’s Bank of China has added about 100 tons of gold to its reserves since December. Its bullion reserves rose to 62.45 million troy ounces (2,141 tons) as of the end of last month – nearly five percent more since the end of last year. The value of China’s gold holdings increased to $95.45 billion at the end of August.
“They can read the writing on the wall,” Euro Pacific Capital CEO Peter Schiff told FOX Business, while talking about Russia and China’s gold purchases. He added that the two countries are “preparing for the world where the dollar is no longer the reserve currency.”
Also on rt.com Golden rule: Russia brings bullion & foreign currency reserves to new highs
Russia and China have been consistently stockpiling gold bullion in recent years to shift their growing international reserves away from the US dollar. They are currently the world’s biggest purchasers of the metal.
Increased gold purchases have helped to propel the price of the precious metal to its highest level in more than six years. Gold is up almost 18 percent this year and last month hit $1,550 an ounce for the first time since April 2013. On Tuesday, it was trading at around $1,500 per ounce.
For more stories on economy & finance visit RT's business section
- 417
- 1
Trends:China newsGold news Russia news
https://www.rt.com/business/468260-russia-gold-reserves-record/
Golden rule: Russia brings bullion & foreign currency reserves to new highs
7 Sep, 2019 14:32
Get short URL
© Getty Images
- 220
Russia’s gold bullion holdings have reached $109.5 billion as the nation continues to shift its growing international reserves away from the US dollar, according to the latest data released by the country’s central bank.
Russia has increased its stockpile of the precious metal by more than $7.5 billion in one month, figures released by the Central Bank of Russia (CBR) on Friday show. Thus, the share of gold in the nation’s reserves has set a new record, jumping to 20.7 percent from the previous 19.6 percent.
Also on rt.com Russia’s credit rating soars to pre-sanctions level with reserves projected to reach $600 billion
At the same time the country continues to boost its international reserves, which have reached record highs not seen since February 2013. The foreign exchange reserves rose around $9.2 billion or 1.8 percent in one month to reach $529.083 billion on September 1.
Russia has been consistently stockpiling gold bullion in recent years to cut reliance of the economy on the greenback. Thanks to the massive purchases of the precious metal, Russia was crowned the world’s largest purchaser of gold last year.
As of the end of July, Russia’s gold holdings amounted to around 2,217.68 tons after it added another 9 tons of the yellow metal to its coffers in one month. Since the beginning of the year, the central bank has increased its bullion holdings by a total of 106 tons.
Also on rt.com Central banks’ gold-buying spree to continue in coming years as global economic doubts rise
If Moscow continues boosting its international reserves, which include foreign currencies and monetary gold among other assets, it is poised to overtake Saudi Arabia and replace it as the fourth biggest holder of foreign currency reserves, according to a recent Bloomberg forecast.
