China’s ferocious appetite for gold is influencing the global metals market, and that demand is what will keep driving up metal prices, says Michael Howell, founder of CrossBorder Capital.
The People’s Bank of China’s gold holdings totaled 74.19 million fine troy ounces by the end of January, up from 74.15 million in the previous month, according to recent central bank data.
Beijing’s value of gold reserves also surged to $369.58 billion, from $319.45 billion in December.
Gold accounts for almost 9 percent of China’s total reserves, the World Gold Council estimates.
The metals market has been on a roller coaster ride over the past few months….
China’s Central Bank Keeps Buying Gold—and Dumping US Debt
