China’s Stealth Gold Reserves To Quadruple as IMF Seek Answers

Wednesday, April 22, 2015
By Paul Martin

By: GoldCore
GoldSeek.com
Wednesday, 22 April 2015

– Enter the Dragon – China Stealthily Accumulated Massive Gold Hoard
– IMF Seek Answers On China’s Mysterious Gold Reserves according to Bloomberg
– Major demand issue and bullish support for gold rarely covered in mainstream
– China may disclose its gold reserves by October in a bid to have the Yuan included in SDR currency-basket
– China has not made its gold holdings public since 2009
– Bloomberg estimates that reserves may be as high as 3510 tonnes, 2nd largest in the world

Enter the Dragon. China’s push to challenge U.S. dominance as the global economic superpower and to challenge the dollar as a global reserve currency involves gold – “a lot of gold.”

China may soon make public that it has quietly accumulated a massive hoard of gold in recent years. This was done in order to bolster their bid to have the yuan included in the basket of currencies that make up the IMF’s Special Drawing Rights (SDRs) according to an article by Bloomberg.

This is something Jim Rickards, ourselves and many analysts in the gold sector have said would happen for some time. The People’s Bank of China’s (PBOC) quiet ongoing accumulation of gold is something we frequently cover as we believe it is an important demand factor in the market that is largely ignored by most analysts and in most coverage of the gold market.

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