Central banks of many countries around the world still made massive purchases of gold, adding to their reserves in July. Central banks bought a net 55 tons in July, according to Council data
Of these, the People’s Bank of China was the largest buyer in July, adding 23 tons of gold to its reserves.
China has a history of consistently building up its reserves, then going silent for long periods of time.
During the period from 2002 to 2019, the People’s Bank of China accumulated 1,448 tons of gold then had almost no further moves until continuing to buy since last fall.
In fact, there have always been speculations that China holds more gold than it officially discloses.
Besides China, another “power” that is also increasing gold purchases is türkiye.
According to statistics, the total amount of gold purchased by central banks in 2022 is 1,136 tons.
According to the 2023 central bank gold reserves survey recently released by the World Gold Council, 24% of central banks plan to add gold to their reserves in the next 12 months.