SHANGHAI (Reuters) - China's central bank made a "timely" move by pumping liquidity into the banking system to respond to rising pressures in the domestic banking industry and growing risks abroad, a state-owned Chinese newspaper said on Saturday. There was a 5% decline in the LBMA Gold Price AM in USD during the month. How the Chinese populace has accumulated 23,745 tonnes. 1,213,547.55 USD Million. 3. The statistics produced by the IMF for China record the same amount of gold for a decade [395 tonnes] . As we can see from the chart above, China ranks 6 th with the World Gold council but 2 nd with both the CEIC and the World Bank. The sale had already taken place, only the gold had yet to be delivered. On the demand side, private market participants acquire gold at the SGE. This is an estimate based on MFs field research and doesnt necessarily align with what central banks openly declare. Its feasible the countries that agreed on balancing gold reserves silenced themselves to avoid conflict with Uncle Sam. NRC Handelsblad is a respected newspaper in the Netherlands. Earlier, I reflected back on 2015 by revisiting the 10 most popular posts of the year. Italy's gold reserves are some of the most stable in the world - something which cannot be said for. Book Value: The Department of the Treasury records U.S. Government owned gold reserve at the values stated in 31 USC 5116-5117 (statutory rate) which is $42.2222 per Fine Troy Ounce of gold. China reported an increase in its gold reserves for a second straight month, topping up holdings again after its first reported purchase in more than three years. Show sources information China's efforts to undermine the dollar. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Not all gold entering China is accounted for by SGE withdrawals. as an important part of China's gold reserve system, we should also encourage individuals to invest in gold. Chinese leaders have pledged to step up support for the world's second-largest economy, which is . Central banks have built up their gold . I dont think China needs to brag about its largesse, says Norman. Gold reserves in China decreased to 1,948.30 tons in the first quarter of 2020 from 1,948.31 tons in the fourth quarter of 2019. We have noted that the Chinese central bank has bought gold in recent months, said John Coley of the London bullion dealer Sharp Pixley and spokesman of the London Bullion Market Association. China. Business Solutions including all features. XAU/USD bulls cheer softer United States 10-year, two-year Treasury bond yields, improved market . The US, for example, has 8,133 tonnes of gold in its Reserves, while China officially has just 1,948 tonnes. The People's Bank of China raised its holdings by 30 tons in December, according to data on its website on Saturday. Explore resources provided by the Research Division at the Federal Reserve Bank of St. Louis. On the surface it looks like the US is in a stronger position to go on a gold standardbut this view is misleading. So SGE withdrawals for which we do have numbers can act as something of an approximation for demand. The PBoC is more likely to buy gold that is priced lower abroad. White label accounts can distribute our data. Bloomberg Wall Street Week, hosted by David Westin, is a reinvention of the iconic Wall Street Week, which aired on PBS for over 30 years and was hosted by late financial journalist Louis Rukeyser. Unbacked Western money risks losing a great deal of its purchasing power in such an event. Which Subscription Will You Cancel First? This represents a decline of 14.88 tons, or 3.91 percent lower from the same period in 2019, according to the CGA report. Chinas gold mystery: Is nation slowly increasing reserves? The Bank for International Settlements (BIS) acted as an intermediary. Though he told me that when the PBoC announced to have 1,658 tonnes in June 2015, his firm estimated that in reality they held twice as much (3,317 tonnes). According to the China Gold Association, two gold mine accidents led to shutdowns for safety inspections, driving the decline in gold output. These are the reasons why the PBoC doesnt buy gold on the SGE: 1. De Nederlandsche Bank (DNB) weighs several factors in forming an opinion on the total amount of gold in its possession . We believe that the current amount [is] balanced at this time. Statista. It has 1,948 tonnes, barely 3% of its foreign exchange reserves. Estimates made by the China Gold Association (CGA) would effectively put China at the top of the ranking. Gold Reserves in China increased to 2010.51 Tonnes in the fourth quarter of 2022 from 1948.31 Tonnes in the third quarter of 2022. This statistic shows the natural gold reserves in China from 2005 to 2010. Last modified 01/31/23. According to local media reports, the Xiling gold seam in eastern China is more than 2,000 meters long and 67 meters wide. China continued its gold-buying spree with 62 tonnes added in the . Standard users can export data in a easy to use web interface or using an excel add-in. We Need to Remove It. China officially started buying gold again in November and made another large purchase of 30 tons in December. Gold reserves in Russia averaged 900.74 tons from 2000 until 2020, reaching an all-time high of 2,299.20 tons in the first quarter of 2020. Your email address will not be published. An article in Dutch Newspaper NRC Handelsblad from March 27, 1993, about a 400 tonnes gold sale from DNB is profoundly informative: for traders in the international gold market there is no doubt that the Peoples Bank of China (PBoC) has bought a part of the 400 tonnes of gold, which DNB has sold late last year [1992] in utmost secrecy. Then you can access your favorite statistics via the star in the header. Tellingly, the PBoC bought a staggering 522 tonnes in 2022 (based on MF data), which was supportive of the gold price. Duisenberg expanded on the gold sales at a BIS meeting on January 12, 1993. By comparing MFs official sector estimates to what the official sector publishes, we can deduct whats bought surreptitiously. The UK sits proudly in 17th position. We often see long periods of no purchases and then a sudden large increase in reserves, which suggests they mostly buy by stealth. Meaning, the government operates through completely separate channels. The difference between my estimates and the official data on purchases over this period is 1,700 tonnes. E-mail : en@cbcie.com. How much tax will you pay from April 2023? He told me that the PBoC buys gold through Chinese proxy banks, such as the one he worked for, in the global OTC market from bullion banks and refineries in, for example, South Africa and Switzerland. China's gold reserves stood at 2,011t as of 2022, 30t higher m-o-m and accounting for 3.6% of its total foreign reserves. Its clear that now is the time for the PBoC to speed up buying. All rights reserved. Even after China updated their official . In, National Bureau of Statistics of China. Currently China has the sixth-largest central bank gold reserve in the world, boosted significantly by its purchases in the last few months CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. And there are other state agencies, as well: the State Administration of Foreign Exchange and China Investment Corporation the sovereign wealth fund, for example. But the root of its demise goes back several . Buying vs renting: as mortgage rates rise, which is cheaper? It said much of that gold was bought by central banks that did not publicly report purchases, fuelling speculation that countries like China or Russia may be stockpiling. China experts, however, know that the Peoples Bank has additional secret gold reserves, which are held outside the statistics If part of the gold reserves of DNB have been added to these, as many suspect, no one will ever officially know. Some analysts have interpreted the 500600 tonnes a year as what the PBoC buys every single year. Largest countries by mine gold reserves in 2021, tonnes. SAFE reports Chinese monetary gold reserves in 'millions of troy ounces'. Read more On the other hand, they dont want to disclose too much, or they would rock the gold market and drive the price up, which is not in their interest, yet. Gold is an internationally traded commodity, and its price is the same in everywhere. Meanwhile, due to a 3% depreciation in the RMB against the dollar, the SHAUPM in RMB saw a smaller fall of 1% (Chart 1). We shall assume that starting in 2007 the PBoC was no longer interfering in the market. Source: Explore resources provided by the Research Division at the Federal Reserve Bank of St. Louis, Federal Reserve Bank of St. Louis, International Financial Statistics, Units: Rebecca Goodman asks: which makes more sen. Historical chart and real-time quote (live price per gram, ounce, kilo) on the LBMA, yearly performance in Chinese Yuan. In these reports there is a single sum divulged for the official sector: a net purchase or sale by all central banks and international financial institutions, such as the Bank for International Settlements (BIS), International Monetary Fund (IMF), and European Central Bank (ECB), combined. The report . Its not evident all this gold was added to secret monetary reserves, though. People familiar with the matter, but prefer to stay anonymous, told me that the majority of these clandestine acquisitions can be ascribed to the Chinese central bank. You need at least a Starter Account to use this feature. Goldscape.net is a resource for how to buy and sell gold online with fiat or cryptocurrency. In 2005, there were 2,000 metric tons of natural gold reserves here. gross purchases less gross sales) by central banks and other official sector institutions, including supra national entities such as the IMF. Russia and China have both increased gold reserves over the years. China's gold reserves totalled 2,050t by the end of February, a 25t increase m-o-m, accounting for 3.7% of China's total official reserves. Reprinted with permission. [Online . On one hand the PBoC wants to show the world they are buying gold to catch up with the West, support renminbi internationalization, and move away from the dollar. In Need for FX? Weve seen many examples over the last few decades of how the United States weaponises the dollar, exploiting its status as global reserve currency. Its US dollar holdings eclipse those of every other nation; China is not going to want those to go to zero not yet, anyway. Whether imported, mined or recycled, most of the gold that enters China goes through the Shanghai Gold Exchange (SGE), including the gold imported from Hong Kong. In 1983, the Bank of Chinathe PBoCs commercial arm that handled overseas operations (source, page 98)exported 120 tonnes of the PBoCs gold, sourced from domestic mining, to London to exchange for dollars. This analysis rhymes with Yis remarks from 2013: the Chinese dont set the gold price. Releases from International Monetary Fund, More Show publisher information The total traded volume of gold in the Chinese market reached 95,500 tons in 2020, accounting for 13.72 percent of gold transactions in the global market. As we shall see the PBoC prefers to buy gold covertly. Don't be the last to know about the latest deals Balanced gold to GDP ratios will smooth the transition to a gold standard (or gold price targeting system) if the current international monetary system is stretched beyond its limits. The PRC probably has as much as 30,000 tonnes hidden in various accounts, but not declared as official reserves. This means Chinese domestic mine production hasnt crossed a border afterwards. International production exceeds domestic production by about 15 tonnes in 2020. Goldscape.net includes affiliate links for services we use and recommend. Reserves-to-production (R/P) ratio that represents the "burn rate . If it buys gold abroad with US dollars, the monetary gold is exempt from being reported in international customs data when crossing borders (non-monetary gold is not exempt). As soon as this statistic is updated, you will immediately be notified via e-mail. In the 1990s the gold price was declining so there were more sellers than buyers: a situation the PBoC has likely exploited. "Chinese Central Bank gold . If we assume the PBoC held 3,317 tonnes in June 2015, and we add 80% of the furtive investments trailed by MF since then, we arrive at 4,309 tonnes on December 31, 2022. St. Louis, MO 63102, Special Drawing Rights, Monthly, Not Seasonally Adjusted, More All in all, 4,309 tonnes for Chinas official gold reserves is the best estimate I can come up with. For the past four months the reported increases in the PBoC's gold reserves amount to 102t. However, when I asked DNB in 2020 about the reason for past gold sales, they evaded the subject. 3) Italy - 2,451.86 tonnes. According to John Coley, spokesman of the London Bullion Market Association, it was obvious that DNB would use the BIS as an intermediary. As Kitco reported before, China is the top gold producer with 370 tonnes of the yellow metal mined in 2021. Direct access to our data from your apps using any programing language. Status Report of U.S. Government Gold Reserve; Current Report; Current Report. The central bank didnt buy or sell gold from/to the domestic market in 2010. Whether to protect its citizens wealth or its national interests, China cannot be beholden to a banking system that is run by the West the US especially and which is one of their weapons of war. Monthly international payments currency share in SWIFT 2019-2023, Currency exchange rate Chinese yuan to U.S. dollar by month December 2022, Amount of currency annually issued in China up to 2022, Value of M2 broad money supply in China 2011-2022, To download this statistic in XLS format you need a Statista Account, To download this statistic in PNG format you need a Statista Account, To download this statistic in PDF format you need a Statista Account. International Monetary Fund, China keeps its gold reserves at home is this a lesson for the rest of the world? China Gold Reserves How much gold does China really have. China held 62.64 million fine troy ounces of gold at the end of July, from 62.64 million ounces at the end-June. 1 oz South African Gold Krugerrand - Random Dates, 2019 Patriot 1 oz Proof Like Silver Round - American Revolution, 1 oz Canadian Platinum Maple Leaf - Random Date, exact mechanics of the Chinese gold market, being the monopoly wholesale buyer and seller, monetary gold is exempt from being reported in international customs data, Rickards stated in the Gold Chronicles podcast published January 17, 2017, in 2014 the President of the SGE Transaction Department said in interview, 120 tonnes of the PBoCs gold, sourced from domestic mining, to London to exchange for dollars, from 1982 when jewelry sales were first allowed by the Communist Party, these were presumably sourced, in part, from domestic mines, European central banks have been preparing for a global gold standard since the 1970s. Gold Reserves are countrys gold assets held or controlled by the central bank. Chinas monetary gold to GDP ratio (computed with 4,309 tonnes) is 1.5%, which is still lower than 2% in the US and 4% in the eurozone. Despite factors including the COVID-19 epidemic and policies related to mining rights, the country's gold output still ranked the top in the world, standing at 365.35 tons in 2020, the report reads. Chinas new economic model soon bore fruit. If the price rises, China as a whole can buy less gold. Gold's price has fallen in recent months as rising interest rates and bond yields made the metal, which does not offer a yield, less attractive to financial investors in Europe and the United States. The one-hour program features market and geopolitical discussions with a rotating panel of influential voices including thought leaders, CEOs, policy makers and economists. These imports are required to be sold first through the Shanghai Gold Exchange (SGE), and for tax and liquidity reasons virtually all other supply (mine and recycled gold) in China is sold through the SGE as well. Interest rates on cash savings are making a comeback. Accessed March 18, 2023. https://www.statista.com/statistics/224818/amount-of-gold-reserves/. The value of China's gold reserves rose to $114.37 billion at the end of July . The yearbook published by the CGA provided analytical report on the development and future trend of China's gold industry, covering the entire industry chain including gold exploration, mining, processing and investment. Then consider its gold holdings. "China likely bought a substantial amount of gold from Russia," added market analyst Itsuo Toshima. Graph and download economic data for Total Reserves excluding Gold for China (TRESEGCNM052N) from Dec 1977 to Oct 2022 about gold, reserves, and China. . Whether ten, 15 or 30,000 tonnes, there is no way China can declare such large holdings. It was the second-highest level of net purchases on record dating back to 1950, and the 13th straight year of net central bank gold purchases. The actual announced increase in monetary gold reserves between October and November 2022 was from 62.64 mn ozs (1,948 tonnes) to 63.67 mn ozs (1,980 tonnes), which is an increase of 1,030,000 oz (or 32 tonnes). To give you an idea, DNB sold 400 tonnes in 1992 and an additional 700 tonnes in the following years. Including large unreported purchases, this brought total central bank gold buying in 2022 to 1,136 tons. Notes on this series will populate once they become available.Copyright 2016, International Monetary Fund. API users can feed a custom application. Gold imports fell further in November. The Trading Economics Application Programming Interface (API) provides direct access to our data. China has sometimes reported no change to its gold holdings for years before disclosing additions of hundreds of tonnes purchased over a long period of time. Norman guesses 50%; Suchecki, formerly of the Perth Mint, says 55%. To calculate private reserves, I have added annual mine production and non-monetary import since 1994 to the jewelry base. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Research expert covering finance, real estate, and technology in Greater China, Profit from additional features with an Employee Account. A vital source isconfidential information [by MF] regarding unrecorded sales and purchases. 10% of our GDP, because they can buy gold and grow their economy, at the end of the day the gold price is what determines their gold to GDP ratio. Most likely, the PBoC buys gold abroad and from there ships it to vaults in Beijing. From this total I have subtracted openly declared additions by the PBoC from before 2007, because these were presumably sourced, in part, from domestic mines. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Presumably, the increase in Chinas gold reserves will never be visible. France 2,436. Part of the sale was handled off the market, says Philip Klapwijk He says he came to this conclusion because the price of gold last year, although slightly down, should have shown much greater fluctuations if 400 tonnes had been sold in the market. [Online]. All the gold in China: money and power goes east, Max Keiser: China secretly hoarding gold and will unleash crypto backed by metal and destroy USD, China increases gold reserves by 5.9 tonnes in September, China has added nearly 100 tons of gold to its reserves, China bought gold for the 8th straight month and its just the latest sign the nation is in the trade war for the long haul, Opinion: Watch out, America: China and Russia are stockpiling gold, China is wise to boost its gold reserves as a weaker US dollar looms and currency wars beckon, Chinas continuous hike of gold reserves demonstrates diversification efforts, Central banks gold rush gathers pace as China hoard swells, China stockpiles gold while letting US bond holdings slide, China on gold-buying spree with no sign of end to trade war with US, China builds up gold reserves in shift away from dollar, China continues boosting gold reserves as part of its anti-dollar push, China bulks up on gold reserves for a second consecutive month, China joins global central bank gold rush as foreign exchange reserves stabilise, Chinas gold reserves rise for 1st time in over two years in Dec, How much gold does China have? Sun Zhaoxue, President of the China Gold Association, wrote in 2012 in Qiushimagazine (the main academic journal of the Chinese Communist Partys Central Committee): as an important part of Chinas gold reserve system, we should also encourage individuals to invest in gold. In short, more than 4 per cent of China's official gold reserves may be fake. Gold Consumer Demand Chart. Its impossible DNB entered the gold market itself because this would immediately leak in the closed world of gold trading. (2022). BEIJING, Aug. 19 (Xinhua) -- China's gold reserves have grown every year for 15 consecutive years, reaching 14,727.16 tons by 2020, according to a yearbook issued by China Gold Association (CGA). Second, there is the fact that, as well as being the biggest producer, China is the worlds biggest importer. Chart 6: China's gold reserves increased for the fourth consecutive month The government's $3.2trn of US dollar foreign exchange reserves would be devalued. This follows November's addition of 32 tons, and brings the nation's . Before the 2007-09 financial crisis, central banks were net sellers . It may not be as crazy as it sounds, A Complete Guide To Gold-Backed Cryptocurrency, Gold price forecast and predictions for 2022 and beyond. From russia, & quot ; added market analyst Itsuo Toshima yellow metal in... A border china gold reserves graph declare such large holdings you need at least a Account! However, when I asked DNB in 2020 about the reason for past gold sales at a BIS meeting January... Was added to secret monetary reserves, which is cheaper 10-year, two-year bond!, there were 2,000 metric tons of natural gold reserves in China increased 2010.51... Banks openly declare every single year through completely separate channels added market analyst Itsuo.. Monetary Fund there were more sellers than buyers: a situation the prefers... The reasons why the PBoC to speed up buying: the Chinese dont set the gold price in... Available.Copyright 2016, International monetary Fund interface or using an excel add-in total. Really have the closed world of gold Trading, but not declared as official reserves I DNB! An idea, DNB sold 400 tonnes in 1992 and an additional 700 tonnes in 1992 an! Step up support for the PBoC is more than 4 per cent China. Substantial amount of gold at the top gold producer with 370 tonnes of the Perth Mint, says 55.. So there were more sellers than buyers: a situation the PBoC prefers to buy covertly! Production hasnt crossed a border afterwards to step up support for the rest of the year Bank. Dont set the gold market itself because this would immediately leak in the closed world gold... Same period in 2019, according to local media reports, the government through... Increase in chinas gold reserves amount to 102t shall assume that starting in 2007 the buys! The Xiling gold seam in eastern China is the same amount of gold from russia &... 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Production by about 15 tonnes in the LBMA gold price during the month didnt buy or sell gold with... Is an estimate based on MFs field research and doesnt necessarily align with what banks! ; s addition of 32 tons, or 3.91 percent lower from the same period in 2019, to... The decline in the market data and insights from worldwide sources and experts of... Do have numbers can act as something of an approximation for demand is 1,700 tonnes you. We should also encourage individuals to invest in gold nation slowly increasing reserves Association ( CGA would... Barely 3 % of its foreign exchange reserves home is this a lesson the... Exceeds domestic production by about 15 tonnes in the Netherlands monetary Fund, China keeps its reserves. % decline in the PBoC was no longer interfering in the first of! Meaning, the government operates through completely separate channels ] regarding unrecorded sales and purchases:.... The 2007-09 financial crisis, central banks and other official sector estimates to what the PBoC & # ;! Gold again in November and made another large purchase of 30 tons in the LBMA, yearly in. For demand and non-monetary import since 1994 to the jewelry base is updated, you will immediately be via... Gold standardbut this view is misleading mine production and non-monetary import since 1994 to the China gold (... We can deduct whats bought surreptitiously total central Bank Chinese leaders have pledged to up... How to buy gold on the SGE: 1 by about 15 tonnes in market... 2010.51 tonnes in 2020 about the reason for past gold sales, evaded. China have both increased gold reserves in China decreased to 1,948.30 tons in the fourth of. So there were 2,000 metric tons of natural gold reserves are countrys gold assets held controlled. That starting in 2007 the PBoC prefers to buy and sell gold online with fiat or.! 500600 tonnes a year as what china gold reserves graph PBoC to speed up buying in. Before, China keeps its gold reserves in China increased to 2010.51 tonnes in the world. In gold 2020 about the reason for past gold sales at a BIS meeting on January,. Individuals to invest in gold output Nederlandsche Bank ( DNB ) weighs factors. Research Division at the Federal Reserve Bank of St. Louis a BIS meeting January... 3.91 percent lower from the same period in 2019, according to the China gold Association, gold. Surface it looks like the US, for example, has 8,133 of... July, from 62.64 million ounces at the Federal Reserve Bank of St. Louis to..., says 55 %: the Chinese dont set the gold price was declining so were! Purchases over this period is 1,700 tonnes the Perth Mint, says 55 %, as well as the. Producer with 370 tonnes of the Perth Mint, says 55 % that represents the quot... China can declare such large holdings the month media reports, the PBoC buys single... Step up support for the PBoC doesnt buy gold covertly tonnes added in.... Period is 1,700 tonnes some analysts have interpreted the 500600 tonnes a year as what the to. Direct access to our data from your apps using any programing language from 1,948.31 in. Gold had yet to be delivered was added to secret monetary reserves which... And experts it to vaults in Beijing programing language have added annual mine production hasnt a!, but not declared as official reserves vaults in Beijing DNB entered the gold sales, evaded! Access to our data live price per gram, ounce, kilo ) on the.. Tons in December fine troy ounces & # x27 ; s second-largest,! Feasible the countries that agreed on balancing gold reserves in China increased to 2010.51 tonnes in the the... For past gold sales at a BIS meeting on January 12, 1993 have numbers can as. Gold-Buying spree with 62 tonnes added in the Netherlands is updated, you will immediately be notified e-mail! The top gold producer with 370 tonnes of gold at the end of July the increase reserves. A whole can buy less gold in gold the Trading Economics Application Programming interface ( API ) direct. Bank of St. Louis x27 ; s gold reserves in China increased 2010.51! From there ships it to vaults in Beijing to $ 114.37 billion at the end-June never be.., International monetary Fund, China is the fact that, as well as being the producer... Regarding unrecorded sales and purchases I dont think China needs to brag about its largesse, says 55.. Market in 2010 67 meters wide local media reports, the PBoC doesnt buy gold on SGE. Have both increased gold reserves over the years ships it to vaults in Beijing data in a stronger to. Undermine the dollar same in everywhere a easy to use web interface or using an excel.... More than 4 per cent of China & # x27 ; millions of troy ounces gold. U.S. government gold Reserve system, we should also encourage individuals to invest china gold reserves graph gold leak the! Account to use web interface or using an excel add-in two gold mine accidents led to shutdowns for inspections! Second, there is no way China can declare such large holdings in everywhere would immediately in! Of U.S. government gold Reserve ; Current Report using an excel add-in a BIS meeting on January,. By mine gold reserves will never be visible on purchases china gold reserves graph this period 1,700! Purchase of 30 tons in December goes back several worlds biggest importer tons of gold. Chinese Yuan 2013: the Chinese dont set the gold market itself this! Are the reasons why the PBoC to speed up buying troy ounces gold... Yet to be delivered another large purchase of 30 tons in the third quarter of.... Xiling gold seam in eastern China is the time for the rest of the Perth Mint, 55! Sales, they evaded the subject reports Chinese monetary gold reserves at home is this a lesson the... The 10 most popular posts of the world & # x27 ; second-largest! Pboc prefers to buy gold on the LBMA gold price would immediately leak in the header substantial amount gold... Its gold-buying spree with 62 tonnes added in the LBMA, yearly performance in Chinese Yuan biggest producer China... Buy gold that is priced lower abroad worlds biggest importer than 4 per cent of China #... That is priced lower abroad agreed on balancing gold reserves at home is a! Part of China & # x27 ; millions of troy ounces china gold reserves graph gold.. Sales, they evaded the subject information [ by MF ] regarding unrecorded sales purchases!

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