Not just China but a number of non-U.S. countries are reportedly gobbling up as much gold as they can get their hands on. Between July and September of this year, purchases of nearly 400 tons were reported by the World Gold Council.
"The latest amount marks a steep jump from 186 tonnes in the preceding quarter and 87.7 tonnes in the first quarter, while the year-to-date total alone surpasses any full year since 1967," reports explain.
The central banks of Turkey, Uzbekistan, and India each reported purchases of 31.2 tons, 26.1 tons, and 17.5 tons, respectively. The other 300 tons, we now know, went to China.
All of these countries are Eastern countries, by the way. While the West continues to play around with worthless fiat, which is easily manipulated, the East is amassing actual assets in the form of real-life gold, which has been a store of value since the beginning of time. (Related: As the Chinese yuan has grown weaker, the People's Bank of China has signaled plans to dump the U.S. dollar.)
None of this is a surprise, seeing as how Russia, China's next-door neighbor, has been hit hard by Western sanctions ever since its invasion of Ukraine. Analysts have taken these gold purchases to mean that "China and some other countries must be hurrying to reduce dependence on the dollar."
"Seeing how Russia's overseas assets were frozen after its invasion of Ukraine, anti-Western countries are eager to accumulate gold holdings on hand," said Emin Yurumazu, a Japan-based economist from Turkey.
This is hardly the first time that China has made large purchases of gold. After going dark in 2009 concerning its gold holdings, the communist regime shocked the world in 2015 when it revealed that it had quietly boosted its gold stockpiles by about 600 tons. Since September 2019, no further purchases have been reported until now.
"China likely bought a substantial amount of gold from Russia," added market analyst Itsuo Toshima, who says the People's Bank of China more than likely bought a portion of the Central Bank of the Russian Federation's gold holdings, which amount to more than 2,000 tons.
While we cannot say for sure whether or not Russia was the seller of this latest batch of gold, we do know that Russia did sell at least some of its gold after amassing an all-time-high amount of holdings in 2020 when the Wuhan coronavirus (Covid-19) "pandemic" was launched.
The United States still claims the title as the world's number-one hoarder of gold, at least officially on paper. Some, however, suspect that the regime's 8,000-ton claim on the books may be a substantial overestimate, if not outright fraud in the event that Fort Knox was quietly drained of its commonwealth holdings.
"[F]or China, the need to find an alternative to dollars, which dominate its reserves, has rarely been greater," reported Bloomberg about the situation, noting that Washington, D.C.'s willingness to sanction central bank reserves and "weaponize the dollar" is prompting China and other countries to seek out forms of money like gold that come without counterparty risk.
"Here it has just two choices: crypto or gold," notes Zero Hedge. "For not, it has picked the latter."
More of the latest news about the global power shift from West to East can be found at Collapse.news.
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