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Post #1554 196
Morning Bites (part 2)

🏦 The PBoC has further slowed its gold purchases, having bought only 2t of gold in April, after the +5t in March, marking the 18th consecutive month of reserves accumulation. China’s central bank's gold holdings now stand at 2,264t, with ~316t added since November 2022 (~5% of annualised demand). We reiterate our view that the gold price, at spot, has already exceeded its fundamentally reasonable level (USD 2,200-2,300/oz for 2024, on our numbers)

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