It should come as no surprise that China is trying to alleviate its financial burden added on by U.S. trade tariffs. As a result of these trade-wars, we've seen China buying bullion. That's right, tons of gold, literally! Data released by the People's Bank of China reported that May was the "sixth month straight" where China bought and added gold to their stockpile.
RT reported:
"Last month, the central bank raised its bullion reserves to 61.61 million ounces from 61.10 million in the previous month. As of the end of May, the nation's stockpile was valued at $79.83 billion compared to $78.35 billion a month earlier. In tonnage terms that marks an increase of 15.86 tons, after almost 58 tons of gold were added over the five months through April."
"In May, the country's total foreign exchange reserves, the world's largest, reportedly edged 0.2 percent, or $6 billion higher, reaching $3.101 trillion. The increase shifted the expectations of analysts polled by Reuters, who projected the reserves to drop by five billion to $3.090 trillion."
China is "diversifying its bullion and foreign currency holdings amid the protracted trade dispute with the US."
RT also reported:
Chinese authorities are seeking 'determined diversification' away from US dollar assets, according to Helen Lau, an analyst at Argonaut Securities, as quoted by Bloomberg. The expert expects China to buy 150 tons of gold by the end of the current year.
These actions continue to show that precious metals, especially gold, are superior even during a financial trade war between two superpowers. This should speak volumes not only to how important gold is, but how important it will continue to be in the future. Fiat currency is no match for gold, nor will it ever be. An interesting article from Forbes discussed recently that there are not many things to put your faith in anymore in America, mainly the government. As for investments, the author says to put your faith in gold. From the article:
As an investor, I continue to have great faith in gold as a store of value during times of economic and geopolitical uncertainty. It's behaved precisely as I expect it to. In response to heightened global trade concerns and weakening economic indicators, investors have piled into the yellow metal, pushing its price up for a remarkable eight straight days as of last Friday. We haven't seen such a winning streak since June 2014, when gold traded up for 10 straight days.
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This article was authored by Judith Monte, @belovebelight
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