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China (Officially) Buys Gold For 7th Straight Month As Treasury Holdings Tumble

China (Officially) Buys Gold For 7th Straight Month As Treasury Holdings Tumble
1000 Gold Yuan, Central Bank of China (1949)

China continued its renewed (public) gold-buying spree in May adding another 10 tons of the precious metal to its reserve – the seventh month of buying in a row.

“It’s a diversification away from the U.S. dollar, particularly given the trade tensions and the potential technology cold war that’s evolving,” said Bart Melek, global head of commodity strategy at TD Securities.

“We have to remember that gold is nobody’s liability.”

To read more visit Zero Hedge.

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