News / Stock

Gold: China challenges the US and increases its reserves. But for Alphie precious metal still down

Mag 9, 2019 - 14:27 GMT+0000

Engaged in a continuing trade war with the US, China has increased its gold reserves for the 5th consecutive month, following the ‘gold rush’ trend of central banks in an attempt to shift reliance from the dollar. After accumulating 33 tonnes of gold in the first quarter of 2019, China added 61.5 million ounces, equal to 14.9 tonnes in April. This is the most significant increase since 2016, however the gold reserves of the People’s Bank of China make up only 2.5% of the total reserve, a very low share compared to other countries. Russia’s gold reserves make up 19%,…

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