Posted on 08/05/2015 8:48:17 PM PDT by TigerLikesRooster
Opinion: Why China probably has a lot more gold than it admits
By David Marsh
Published: July 20, 2015 11:48 a.m. ET
Transparency on holdings linked to review by the IMF on joining the special drawing right
China has lifted a veil over its gold holdings and confirmed its interest in providing more up-to-date reserves data by announcing a near 60% jump in its official bullion assets since 2009.
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The PBoC said its gold reserves were 1,658 tons against 1,054 tons in April 2009, which was the last time China declared its gold holdings. In 2009 the reserves total was raised from just under 600 tons, a figure Beijing had maintained unchanged since 2002.
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Another objective is to avoid unduly disturbing the gold market at a delicate time for the dollar ahead of a probable U.S. interest-ate rise later this year. If China had met some analysts’ expectations of a bullion total of between 2,000 and 3,000 tons, that would have had a major impact on the bullion market, something Beijing may wish to avoid in the months leading to conclusion of the SDR review.
(Excerpt) Read more at marketwatch.com ...
P!
All those gold fillings recovered after Tiananmen Square peaceful protests?
Because they have valued it since the age of the Pharoahs, and are inscrutable?
I have read in many different places that the Chinese Central Bank and Central Gov’t have lots more gold holdings than they make public....and I believe it. Plus Chinese gold mining is full speed ahead not just in China but Africa
they may have a lot of gold. they may have a lot of gold-wrapped tungsten.
Chinese economy could go down the drain, but it is not because they bought a large quantity of fake gold.
china makes them, didn’t say they bought them.
Clever, those Chinese.
Strong dollar = what a joke.
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