Today we will explore the Official data from China’s central bank, and address the question, “Has China Stopped Buying Gold?”
After testing resistance at $2,400 an ounce on Friday, the gold market has seen its bullish momentum wane.
According to some analysts, traders are taking profits on Monday following the news over the weekend that the People’s Bank of China didn’t increase its gold reserves for the second consecutive month.
Official data from China’s central bank shows its gold reserves holdings at 2,264 metric tonnes. Investors are taking this news in stride as gold continues to hold critical support above $2,350 an ounce.
Last month, when China ended its 18-month buying spree, gold prices dropped more than 2% overnight on the news.
Chinese Leaders surely know the effect their official numbers have on the price of gold. Are they using this knowledge to manipulate the gold price be under-reporting or completely failing to report gold purchases?

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