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Recently, the World Gold Association said that the gold purchased in April by the Central Bank of each country has decreased by 3 tons compared to the previous month,
while the Central Bank of China has not continued to purchase gold in May, so there is no increase in gold reserves for 18 months in a row.
However, CEO of MoneyMetal Exchange, which is the headquarters of IOWA,
said that China's official data cannot be trusted.
At the end of May, the Chinese authorities announced that the gold reserves were 72.8 million ounces, which was the same level as at the end of April.
The Chinese media said that this meant that the Central Bank of China had not increased its gold reserves in May.
Analysts believe that China's stoppage in gold purchases will reduce the price of international gold.
According to FxStreet, a portal site tracking the foreign exchange market,
Gleason said that major financial news media did not realize that China's official announcement of gold reserves could not be trusted,
and that the People's Bank of China did not report gold purchases in May,
so it did not mean that China did not purchase gold in May.
Gleason said that the People's Bank of China or other institutions may have purchased a large amount of gold, but did not report it.
For example, the Chinese authorities, which had reported 600 tons of gold reserves for six consecutive years,
suddenly announced that the gold reserves increased from 600 tons to 76% in April 2009 and became a hot topic.
However, it is unlikely that China will purchase more than 454 tons of gold in a year.
If so, the purchase of such a large amount of gold in a short period of time
can certainly be reflected in the trend of gold prices or rumors among investors.
China has been holding gold in addition for a long time, but has not reported it.
Gleason said that the hidden gold is likely to be stored in the account of government institutions other than the People's Bank of China.
In other words, the official amount of gold in China for six years before 2009 is far from the actual situation.
This is Jeong Hyo-jin from SOH News.
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