This article is an analysis of how the Chinese central bank (PBoC) buys gold in London from Western bullion banks. Because the bullion banks take care of the gold transport for the PBoC, the shipments from London to Beijing are disclosed in UK customs data. The customs data reveals that the PBoC continued to buy gold in May—when it communicated to the market it discontinued buying—at a rate of 53 tonnes. The PBoC stated it stopped buying to dampen the gold price so it could acquire more gold.
JP morgan and UBS
And nor should they. They know what they are doing and we should follow what they are doing!
Another very informative article Jan. Re Western bullion banks, can you give some examples of these entities?
Thanks Jan. Does this change your view of how much gold the PBOC has?
No it changes how much I think the private sector has