News Flash: China and Russia Continue to Add to Gold Reserves

Jon Banking, Economy, Gold, Market Commentary, Precious Metals

Last week we reported that central banks were jettisoning US debt and buying gold.
Figures released by the IMF this week indicate central bank gold hoarding has not abated.
Russia and China both extended their prolonged buying spree in April. Russia added 16.2 tons to its reserves. China increased its holdings by 10.9 tons. Another major buyer was Kazakhstan. The former Soviet Republic raised its tonnage by 3.2 tons. Turkey added 2.6 tons to its stash.
Not only is the Chinese central bank continuing to expand its gold reserves, the country is steadily becoming a major player in the world gold market.

This post was published at Schiffgold on MAY 25, 2016.