by Peter Schiff, Schiff Gold:
China has opened the door to billions of dollars in gold imports.
Reuters cites five sources indicating that Beijing has greenlighted the import of 150 tons of gold valued at around $8.5 billion at current prices. The report notes that China’sudden appetite for gold could potentially “support global prices.”
China ranks as the world’s gold consumer, but imports plunged during the coronavirus pandemic as local demand for the yellow metal dried up. The Chinese economy rebounded during the second half of 2020, and demand for gold coins, bars and jewelry has recovered.