In the first quarter of this year, central banks around the world purchased 87.7 tons of gold. That rose to 186 tons for the second quarter, and in the third quarter a whopping 399.3 tons were purchased. A shocking 300 tons of gold was purchased by China alone, reports ZeroHedge, confirming what we long suspected (even though China’s purchase was deliberately shrouded in secrecy).
That means China is buying up the world’s available gold supply at a pace that dwarfs all the other countries on the planet. Why is China doing this? “China thought to be stockpiling gold to cut greenback dependence,” reports Nikkei Asia, which goes on to say this gold was likely purchased from Russia:
“China likely bought a substantial amount of gold from Russia,” said market analyst Itsuo Toshima.
China has made similar moves in the past. After staying mum since 2009, Beijing stunned the market in 2015, disclosing it had boosted gold holdings by about 600 tonnes. It has not reported any activity since September 2019.
The People’s Bank of China likely bought a portion of the Central Bank of the Russian Federation’s gold holdings of over 2,000 tonnes, Toshima said.
In essence, Russia is selling gold to China so that both nations can ditch the dollar. And 100+ other nations are likely to go along with them, resulting in the collapse of global dollar hegemony.
Preparing for the launch of the new world reserve currency backed by gold and other commodities
While the United States of America is printing trillions of dollars in “mad money” and trying to wage war with Russia through its proxy state of Ukraine, China is stockpiling gold at truly astonishing levels. BRICS nations, meanwhile, are preparing to launch their new global reserve currency that would challenge dollar dominance and end global reliance on the SWIFT system (which has been weaponized by the West against Russia). Once this happens, the tide goes out and all the nations that have been swimming naked — i.e. not having enough gold reserves to back their currency creation — end up getting tossed to the trash heap of history.
of-course:dear
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