China’s gold hoarding: Will it cause the price of gold to rise?
“Since 2009 China has withdrawn 12,000 tonnes of gold from the rest of the world, where the short and medium-term gold price is set. For reasons I will explain, a tighter market outside of China can make the price of gold price rise faster than many expect. I believe the gold price will rise, because of excessive debt levels around the world, and incessant money printing by central banks. Central banks will try and resolve the debt burden through currency depreciation (inflation). China has been preparing for this scenario by buying gold.“
USAGOLD note: Nieuwenhuijs goes on to say that he believes that “the Peoples Bank of China holds at least twice the amount of gold officially disclosed” (1948 tonnes).” This article delves into China’s crucial role in the physical gold market.
Repost from 1-21-2020
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