In November of 2022, the gold market experienced, what traders deemed a ‘whale’, binge-purchasing giant volumes of gold. A month after, the ‘whale’ was revealed to be the Chinese central bank. And what followed made analysts and traders curious.
More countries within the Asian region began ramping up their purchase of gold. Turkey, India, Uzbekistan, Egypt, Qatar, and Iraq were following in the footsteps of China. And as to why these same countries have expressed deep interest in joining the BRICS+ alliance. An economic alliance founded by Russia, China, Brazil, and India. Which South Africa later joined.
China now has a total of 1823 tonnes in its holdings. With a recent purchase of 27 tonnes in December of 2022. It’s also important to note that late last year, central banks began to binge on gold purchases at a rate not seen in 55 years.
