Central banks continued to add to their gold reserves in February, albeit at a slightly slower pace. China was the biggest buyer, increasing its official gold holdings by 12 tons. The National Bank of Kazakhstan and the Reserve Bank of India also added to their reserves.
Central banks continued to add to their gold reserves in February, albeit at a slightly slower pace. On net, global central bank gold reserves increased by 19 tons in February with some selling pushing down that total. It was the ninth straight month of net central bank gold buying. China was the biggest buyer in February. The People's Bank of China increased its official gold holdings by 12 tons. The Chinese central bank has added gold to its hoard for 16 straight months.
China officially holds 2,257 tons of gold. The Chinese have added over 300 tons of gold to their reserve since they resumed reporting gold purchases in October 2022. The People's Bank of China added 1,448 tons of gold to its stash between 2002 and 2019, and then suddenly went dark until it resumed reporting in the fall of 2022. There is speculation that the Chinese were still adding gold to their holdings off the books during those silent years. In fact, China may hold far more gold than it officially reports. As Jim Rickards pointed out on Mises Daily back in 2015, many analysts believe that China keeps several thousand tons of gold “off the books” in a separate entity called the State Administration for Foreign Exchange (SAFE). The National Bank of Kazakhstan is back in a buying mood. It added 6 tons of gold to its reserves in February. Kazakhstan tends to shift back and forth between buying and selling. The Reserve Bank of India bought 6 tons in February
Central Banks Gold Reserves China National Bank Of Kazakhstan Reserve Bank Of India
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