(Kitco News) China has been on a full-out gold shopping spree — topping up its gold reserves each month for the last 12 months. However, the official numbers are not even close to the actual amounts China is buying, according to Dominic Frisby, Founder of FlyingFrisby.com.
The latest data out of China showed that its central bank bought gold for the 12th consecutive month in October. The latest purchase was around 23 metric tons, which increased the total holdings to 2,215 tons, the World Gold Council reported.
Overall, China’s government has recently been among the biggest gold stockpilers during what looks to be another record-breaking year of central bank gold purchases.
And even though China is already the leader in gold accumulation, the real numbers are much more significant, Frisby told Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, on the sidelines of the New Orleans Investment Conference.
The official data from China is meant to acquaint the market with the idea that it has more gold.