Gold and Silver: Ripe for a Recovery!

Friday, February 5, 2016
By Paul Martin

By: Peter Zihlmann
GoldSeek.com
Friday, 5 February 2016

China May well Change the Game

China lifts reading of cenbank gold holdings by 57 pct

Gold now accounts for 1.65 pct of total forex reserves

According to Central Bank Data, China’s gold reserves stood at 1,658 tonnes at the end of June of last year. This was up 57 percent from the last time reserve were adjusted more than six years ago.

Despite the tonnage increase, gold now accounts for 1.65 percent of China’s total forex reserves, against 1.8 percent in June 2009. The United States, the biggest official sector gold holder, holds nearly 73 percent of its reserves in gold.

The figures make China the world’s sixth largest official sector gold holder after the United States, Germany, the International Monetary Fund (IMF), Italy and France.

Speculation in the gold market has been rife in recent years over the size of official sector reserves in China, which is the world’s biggest producer of the precious metal and vies with India for the title of number one consumer.

China considers its gold holdings a state secret and does not report its holdings on a monthly basis to the International Monetary Fund as most other countries do.

It last adjusted its reserve figures in April 2009, when the level was lifted to 1,054.1 tonnes from 600 tonnes. In a statement, the People’s Bank of China said investment in gold would be beneficial for risk management.

“On the basis of our assessment of the value of gold assets and our analysis of price changes, and on the premise of not creating disturbances in the market, we steadily accumulated gold reserves through a number of international and domestic channels,” it said.

The Rest…HERE

Leave a Reply

Join the revolution in 2018. Revolution Radio is 100% volunteer ran. Any contributions are greatly appreciated. God bless!

Follow us on Twitter