China Adds More Gold; Buying Spree Expected to Continue Through 2016

Jon Banking, Gold, Market Commentary, Precious Metals

China added another 19 tons of gold to its reserves in December, continuing a buying spree analysts expect will continue through 2016.
Since announcing its reserves for the first time in six years last summer, the People’s Bank of China (PBOC) has steadily added to its horde. The PBOC added 14 tons in October, 15 tons in September, 16 tons in August, and 19 tons in July. It accelerated the pace in November, purchasing 21 tons, and continued to buy gold at a steady clip last month.
China has added more than 100 tons of gold to its stash since its July announcement.

This post was published at Schiffgold on JANUARY 7, 2016.