GOLD

Gold

<div class="watcher-guru">  
 <p>BRICS member China is stockpiling gold adding the precious metal to its reserves throughout late 2022 and 2023. China is accumulating gold for 14 consecutive months making it the largest buyer of the precious metal last year. The latest data shows that BRICS member China purchased 9 tonnes of gold (290,000 ozs) to its reserves in December 2023 alone. The cost to stockpile the 9 tonnes of gold to its reserves stood at $532 million last month. In total, China has added 225 tonnes of gold to its reserves in 2023 alone.</p> 
 <p><strong>Also Read: <a rel="dofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: Russia &amp; Iran End SWIFT, Start Bank Transfers in Local Currency</strong></p> 
 <p>Not just China, the overall <a rel="dofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> countries have been on a <a rel="dofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> accumulating spree since 2022. <a rel="dofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> countries Russia, India, and South Africa have been steadily buying the precious metal for the last 14 months. In fact, the largest buyer of <a rel="dofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> in 2023 was the <a rel="dofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> alliance, reported the World Gold Council. Read here to know how much <a rel="dofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> the Central Banks have accumulated in a year.</p> 
 <div class="quads-location quads-ad33739 " id="quads-ad33739" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="publift-ad add">
   <div data-fuse="22560828227"></div>
  </div> 
 </div> 
 <h2 class="wp-block-heading" id="h-the-new-brics-currency-to-be-backed-by-gold">The New BRICS Currency To Be Backed By Gold?</h2> 
 <figure class="wp-block-image size-large">
  <img decoding="async" width="1024" height="577" src="https://cdn.thebittimes.com/images/2024/01/10/f10c5c3b5ac0313d8085ffb9fdfe0ec4.webp" alt="chinese yuan euro currency brics" class="wp-image-116499" srcset="https://cdn.thebittimes.com/images/2024/01/10/f10c5c3b5ac0313d8085ffb9fdfe0ec4.webp 1024w, https://cdn.thebittimes.com/images/2024/01/10/f10c5c3b5ac0313d8085ffb9fdfe0ec4.webp 300w, https://cdn.thebittimes.com/images/2024/01/10/f10c5c3b5ac0313d8085ffb9fdfe0ec4.webp 768w, https://cdn.thebittimes.com/images/2024/01/10/f10c5c3b5ac0313d8085ffb9fdfe0ec4.webp 380w, https://cdn.thebittimes.com/images/2024/01/10/f10c5c3b5ac0313d8085ffb9fdfe0ec4.webp 550w, https://cdn.thebittimes.com/images/2024/01/10/f10c5c3b5ac0313d8085ffb9fdfe0ec4.webp 800w, https://cdn.thebittimes.com/images/2024/01/10/f10c5c3b5ac0313d8085ffb9fdfe0ec4.webp 1104w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Source: Gina Sanders / Fotolia via Wodicka
  </figcaption>
 </figure> 
 <p>The reason for the BRICS countries’ accumulating tonnes of the precious metal in 14 months remains to be a mystery. While some speculate that the upcoming BRICS currency could be backed by the yellow metal, others claim it could be a routine investment to diversify their reserves. The real reason for the gold purchases from BRICS countries remains to be unknown.</p> 
 <div class="quads-location quads-ad15192 " id="quads-ad15192" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div id="primisContainer" class="add"></div> 
 </div> 
 <p><strong>Also Read: Venezuela Calls Argentina ‘Stupid’ For Rejecting <a rel="dofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> Membership</strong></p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">The Chinese central bank (PBoC) continued to buy gold during December, adding another 9 tonnes (290,000 ozs) to its gold reserves.<br><br>Overall in 2023, the PBoC “added” 225 tonnes of gold. <br><br>The PBoC now holds 71.87 million ozs of gold (2235.4 tonnes).https://t.co/HGwnJJrfyK pic.twitter.com/EDOPZiyKUi</p>— Ronan Manly (@manly_ronan) January 7, 2024
   </blockquote> 
  </div>
 </figure> 
 <p>If BRICS backs their new currency with gold, it could provide the alliance strength to sustain in the global markets. Gold is traditionally a safe asset and BRICS can receive support during the launch of their soon-to-be-released currency.</p> 
 <p><strong>Also Read: <a rel="dofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: JP Morgan Issues Major Warning About US Economy</strong></p> 
 <p>However, gold can provide support only at the beginning, but could fail to make the currency sustainable in the long term. The prices of gold are subjected to market risks, as a strong US dollar could send the price of the precious metal down.</p> 
 <div class="quads-location quads-ad33742 " id="quads-ad33742" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="publift-ad add">
   <div data-fuse="22560828233"></div>
  </div> 
 </div> 
</div> 
<div class="cs-entry__tags">
 <ul>
  <li>BRICS</li>
  <li>BRICS Currency</li>
  <li>GOLD</li>
 </ul>
</div> 
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/brics-china-stockpiles-gold-for-14-consecutive-months-buys-9-tonnes-tbt76165.html">https://thebittimes.com/brics-china-stockpiles-gold-for-14-consecutive-months-buys-9-tonnes-tbt76165.html</a></p>

BRICS: China Stockpiles Gold for 14 Consecutive Months, Buys 9 Tonnes

Table of Contents

TheBitTimes

Other articles published on Jan 10, 2024

Top Analyst Unveils Dogecoin’s Profitable Trading Levels

Key Differences Between Bitcoin and Wrapped Bitcoin

Solana In 2024 And Beyond: A Look At The Future Of The “Ethereum Killer”

Why Investors Are Rushing to Join the Pushd (PUSHD) Presale as Ripple (XRP) and Tron (TRX) Holder...

Altcoins Weekly Losses Grow as Market Liquidations Continue

Could Polygon (MATIC) Emerge as a Dark Horse in 2024?

Join our free newsletter for daily crypto updates!