Gold Update:

Gold Update: China 🇨🇳 added to its gold reserves for a 10th straight month, as it tries to diversify away from the US dollar. The PBOC reserves rose by 930,000 troy oz. in August with total reserves at 2,165 tons officially (True estimates may be closer to 5,029 tonnes). This is the longest buying spree by the PBOC since Sept. 2019 and before that the last wave of inflows was in late 2016. Around the world, institutions added 55 tonnes of the yellow metal to their reserves last month. The National Bank of Poland 🇵🇱 in July, purchased 22 tonnes, taking the institution’s total reserves to 299 tonnes. The Central Bank of Türkiye 🇹🇷 also added an extra 17 tonnes of gold to its reserves. Egypt 🇪🇬 ranked fifth in the Arab world after its gold reserves rose by 24% to reach 125.8 tons in first half of 2023. Belarus, under Western sanctions had its gold and foreign currency reserves went up by $17.7 million (or 0.2%) in August. Both the Iranian 🇮🇷 state and private citizens appear to have been turning to gold recently, after May’s demand for gold coins and bars by Iranians had jumped dramatically, with investment soaring to 13 tons over the first months of 2023 – 26 percent more than the 10 ton five-year quarterly average. An increasing number of countries are repatriating gold reserves as protection against the sort of sanctions imposed by the West on Russia 🇷🇺. These developments have spooked the West. The IMF recently demanded that the gov’t of Ghana 🇬🇭 make full disclosure of it’s ongoing gold for oil trade deals if it wants the IMF to fulfil a $3 billion Extended Credit Facility programme. Video source - GoldSilver Источник: The Paradigm Shift Channel ⏳