Bloomberg Intelligence says China tripled gold reserves

Jasmine Ng, Joseph Deaux and Eddie Van Der Walt/Bloomberg Intelligence/4-20-2015

“The People’s Bank of China may have tripled holdings of bullion since it last updated them in April 2009, to 3,510 metric tons, says Bloomberg Intelligence, based on trade data, domestic output and China Gold Association figures. A stockpile that big would be second only to the 8,133.5 tons in the U.S.”

MK note:  This article suggests that China may disclose its current gold reserves soon in conjunction with its bid to convince the IMF to include the yuan in its SDR (Special Drawing Rights) currency basket.  China sees that as a step toward legitimizing the yuan as an international reserve currency and as a challenger to the dollar.  Also this morning, Mining Weekly reports that the United States exported 83% more gold in the fourth quarter of 2014 when compared to the previous quarter. Switzerland (29 tonnes) and Hong Kong (24 tonnes), two stations along the West to East  gold pipeline, were the primary recipients with Shanghai probably the ultimate destination.  So the United States remains one of China’s suppliers though it is unclear where that gold is being sourced domestically.  China keeps buying gold wherever, whenever it can.

 

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