by Peter Schiff, Schiff Gold:
China added gold to its reserves for the fifth straight month in April and is buying gold at an accelerating pace.
According to the latest numbers released by the People’s Bank of China, the central bank added 14.9 tons of gold to its hoard in April. That raises total official Chinese gold reserves to 1909.4 tons or 61.1 million ounces.
China has been adding gold to its reserves over the last several months as it continues efforts to minimize its exposure to the US dollar.