By: Gregory McCann
In recent months, conflicts have broken out in Ghana, Mali, Angola, DR Congo, Indonesia and elsewhere over unregulated or outright illegal Chinese gold mining activities as Beijing seeks to switch out of US dollar holdings to enhance the stability of its financial reserves in a strategy involving both People’s Bank of China purchases of gold bullion and investment in overseas gold mines.
Accordingly, official data from the People's Bank of China and the World Gold Council, China's central bank gold holdings have increased from 1,054 tonnes in 2015 to approximately 2,300 tonnes today, increasing in several stages, with the most significant additions announced in 2015 and with a sustained buying spree beginning in late 2022. Whether because of Chinese buying or global economic and diplomatic uncertainty, gold for a decade has been climbing to record levels, hitting US$3,433 per ounce before closing at US$3,372.64…
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