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The Chinese Central Bank announced that it bought 23 additional tons of gold in October. That makes 12 straight months of adding to their gold reserves — the most recent report says they now officially hold 2,214 tons of gold.
But some analysts think China’s actual gold holdings are much higher:
My speculation, educated guess is that China has a lot more #gold than stated 2,214 Tonnes (Oct. 2023). I think (educated guess) China already has around 6,000 Tonnes.
I also think China target is around 8,500 Tonnes which will put them in between US(8,133.5) and EU(11,562.0). https://t.co/JVoueWqHTP
— Dan Popescu (@PopescuCo) November 17, 2023
Why does China want all that gold?
To protect themselves in case DC bureaucrats debase the U.S. dollar even more than they have already.
Many Americans have the same fear of their dollars losing value – and many with retirement accounts are now backing their IRAs with gold.
In fact, so many Americans are moving retirement accounts to precious metals that some companies have had a hard time keeping up with demand.
Genesis Gold Group a faith-driven precious metals company, has been able to keep up with demand because their executives anticipated the surge and have leveraged their relationships to seamlessly keep the flow of wealth going into their customers’ depositories.
This isn’t “paper” or “virtual” gold or silver; Genesis Gold Group customers can physically see their precious metals at their convenience. And when it comes time to take a disbursement, they can convert to cash or have their precious metals shipped directly to their homes.
Genesis Gold Group was given 5 stars by reviewers on the Better Business Bureau website. Here is what some of them say:
“As a retired Catholic, veteran and union transport worker I was anxious about doing something kinda out of scope for someone of similar background. But fuggetaboutit these guys answered all my concerns and made what I thought would be a long story short . . . honest, patriotic and God loving they made my choice easy. They can do the same for you too.”
“First time precious medals investor here . . . These guys at GGG are extremely knowledgeable about the gold and silver markets and are more than happy to answer questions and provide guidance opening your account. They truly make you feel like family! They are easy to talk to and quick to respond! I highly recommend!!”
“We are so delighted with our investment in Genesis Gold Group. We found that any question we asked was met with an informative and kind answer. Communication has been efficient and timely. Also, my request for documentation was granted immediately. We would not hesitate to recommend this company to anyone.”
If you have wealth or retirement that you want to protect with physical precious metals backing a self-directed IRA:
Note: The information provided here or in any related communications is for informational purposes only and should not be considered as financial advice. This is not provide personalized investment, financial, or legal advice.