The People’s Bank of China purchased approximately 640,000 troy ounces (about 20 tonnes) of gold in July, its largest monthly purchase in nearly three years, extending its consecutive buying streak to 21 months. Its reserves reached just over 76 million ounces, representing a value of over $306 billion. This massive accumulation, combined with record purchases of 289 tonnes by central banks in Q2 (+74% year-over-year), helped gold rebound by 8% in one week to $4,342 per ounce, erasing its year-to-date loss. By comparison, BTC is struggling at $65,000, down over 25% since January.
Source: Read the original article
