Silver Report Uncut: China Buys Massive Amount of Gold Sending Prices Surging, Gold is Still Cheap but for How Long?

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Silver Report Uncut
Apr 18, 2021

The IMF reported that the Dollar’s global reserves dropped to 59.0% in the fourth quarter. This matched the 25-year low of 1995. China became the first major economy to unleash a Central Bank Digital Currency, far ahead of other countries, after recently “experimenting with large-scale trials of actual payments by consumers.”

The big news that has been moving Gold is the world’s largest Gold consumer has just come back into the market in a big way. their Gold purchases are much larger than we saw in 2020 and it looks like gold which has been cheap considering the Feds money printing. China has given domestic and international banks permission to import large amounts of gold into the country,

The People’s Bank of China (PBOC), the nation’s central bank, controls how much gold enters China through a system of quotas given to commercial banks. It usually allows enough metal in to satisfy local demand but sometimes restricts the flow.

In recent weeks it has given permission for large amounts of bullion to enter, the sources said.

“We had no quotas for a while. Now we are getting them … the most since 2019,” said a source at one of the banks moving gold into China.

Around 150 tonnes of gold worth $8.5 billion at current prices is likely to be shipped, four sources said. Two of the sources said the bullion would be shipped in April. Two others said it would reach China over April and May.

The news sent gold prices higher

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