China may be behind the boom in gold prices, which buys much more gold than it claims. According to Goldman Sachs, in February the Celestial Empire bought about 50 tons of gold, which is 10 times more than the officially registered volume.
According to the radio station Rador Radio Romania, this amounts to 1,763,700 ounces, which, at a cost of $3,500, corresponds to expenses of more than $6 billion.
"In March, the Chinese central bank increased its gold reserves by five tons, recording the fifth monthly purchase in a row. This brings China's total gold reserves to a record 2,292 tons. China's gold reserves now account for 6.5% of its total official reserves," explained Carlo De Luca, director of asset management at Gamma Capital Markets.
Since the beginning of the year, gold has risen by 33% due to the trade war announced by Donald Trump, who imposed very high duties on China, and prices have risen. Over the past 3 years, the volume of gold purchases by China on the over—the—counter market (Over The Counter - unregulated and decentralized markets where you can trade and purchase financial instruments outside official exchanges - EADaily) in London has significantly exceeded the officially announced figures.
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