China owns a lot more gold than its letting on – and here’s why

MoneyWeek/Dominic Frisby/4-21-2021

graphic image of overseas shipping container filled with gold bars showing China flag

“China has much more gold than it says it does. In fact, China has more gold than the US. Its enormous gold hoards are all part of its grand global reserve currency status designs.”

USAGOLD note: We briefly mentioned China’s under-reporting of gold reserves in a note on Monday It was posted in connection with reports of $8.5 billion in gold (about 150 metric tonnes) that the country would import in April and May. Frisby delves more deeply into the subject at the link above. The United States has 8,133 metric tonnes in its reserves. Frisby estimates China’s real reserves at 14,500 tonnes.

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