Last night, the central bank announced that it would suspend its gold holdings, and the sharp drop in gold led to a fall in Bitcoin, and altcoins plummeted. Here is the basic situation of central bank gold. According to statistics from the World Gold Council, the net gold purchases of global central banks in 2022 and 2023 were 1,082 and 1,037 tons, respectively, the first and second highest on record. As of the end of the first quarter of this year, China's central bank gold reserves ranked sixth in the world (excluding IMF), with a scale comparable to Italy, France, and Russia, about 1,000 tons less than Germany, and about 5,900 tons less than the United States, which ranked first. On an annual basis, the number of gold reserves held by the People's Bank of China last year led the world, exceeding 220 tons.
To support the local currency credit of the RMB, it is necessary to continue to increase holdings. The long-term trend of gold reserves must be increasing.
According to the World Gold Council, global public institutions set a new record for gold purchases in the first quarter, with China being the largest buyer. The increase in holdings by global central banks also pushed gold prices to a record high of more than $2,450 per ounce in May.
There is another saying that the exchange is carrying high gas and collecting Bitcoin wallets to crash the market. Which information do you think should be blamed for the decline? Leave your answer in the comment area
