China is covertly stockpiling gold| MENAFN.COM

Thursday, 01 December 2022 03:41 GMT

China is covertly stockpiling gold

(MENAFN) After Russia's foreign assets were frozen as a result of sanctions this year, central banks all over the world increased their gold purchases, according to strategists cited by the Japanese business daily Nikkei Asia.

According to reports, the United States and its allies have frozen about USD300 billion in Russian foreign reserves as well as additional billions held by individuals and companies. The Kremlin has called the seizures "theft" on numerous occasions.

According to information from the World Gold Council's November report, the amount of gold that regulators bought between July and September more than quadrupled to 399.3 tons.

The amount represents a sharp increase from the 186 tons reported in the quarter before and the 87.7 tons in the first quarter of this year. The cumulative total, meanwhile, is higher than it has been for any full year since 1967.

Turkish economist Emin Yurumazu, who now lives in Japan, told the media that "anti-Western countries are eager to accumulate gold holdings on hand" after seeing how other countries' overseas assets were frozen as a result of penalties against Russia.


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