BRICS: China Might Hold 5,300 Tons of Gold To Boost De-Dollarization

Vinod Dsouza
brics gold
Source: Watcher Guru

BRICS member China might be holding 5,300 tons of gold in its reserves than the official number of 2,250 tons. The People’s Bank of China (PBOC) published a report showing the Central Bank owns 2,250 tons of gold in 2024.

Also Read: India Ditches BRICS Countries, Buys More U.S. Oil

However, the gold market expert Jan Nieuwenhuijs questioned the report and submitted a counter document claiming that the numbers could be false and that the real estimate of gold accumulated by China might stand at 5,358 tons. He titled the report, “China Has Taken Over Gold Price Control from the West”. The counter document comes at a time when BRICS is on a world tour convincing developing countries to ditch the US dollar.

Also Read: BRICS ‘Ready To Work’ With All Countries To Ditch US Dollar

BRICS: Not 2,250, But China Might Be Holding 5,300 Tons of Gold To Advance De-Dollarization Agenda

brics gold
Source: Twitter

Nieuwenhuijs explained that BRICS member China could be hoarding the stash of gold to push the global de-dollarization agenda forward. He stressed that the PBOC has a “hidden de-dollarization” agenda and is, therefore, hiding the official gold numbers. The expert said that China will create a “perfect storm” by pushing gold prices up in the next few years.

Also Read: Another New Country Expresses Interest To Join BRICS Alliance

The 5,358 tons of gold in 2024 is worth $338.5 billion, calculating the price of $1,974 per ounce on Monday. “Strong covert purchases by the PBOC reflect hidden de-dollarization,” said Nieuwenhuijs in his report. “Although the dollar is still the world’s premier reserve currency, China and other countries (BRICS) are trying to move away from it”.

For the uninitiated, China and the BRICS alliance have been the largest buyers of gold in the last 15 months. The World Gold Council cautioned that the massive buying spree could soon cause turmoil in the gold and commodity markets. Read here to know how many sectors in the US will be impacted if BRICS ditches the dollar for trade.