With Central Banks continuing to buy gold to add to their reserves, China's current reserves of 1905 metric tons as reported by xinhuanet is starting to look a bit dodgy. The last time they announced their gold reserves four years ago, it was 1658 metric tons. As they are the largest gold producer in the world with approx 400 tons produced per annum which I believe is not exported as well as surreptitiously importing more each year, it's really difficult to believe their numbers. Any links to a more credible figure or guessestimate would be appreciated. http://www.xinhuanet.com/english/2019-05/07/c_138040544.htm https://tradingeconomics.com/china/gold-reserves https://www.forbes.com/sites/shuchi...s-where-is-all-the-missing-gold/#43f1d62e76c0
their people are encourage to buy gold, the opposite of India, trying to cap their people from buying silver may be whatever is left is kept by the state, so we see very small number the wealth of nation is not the same as the government
10,000+ tonnes of 99.5 Fine, excluding private holders. "China was the largest gold producer in the world in 2016, accounting for around 14% of total annual production." Source: World Gold Council, http://www.gold.org/about-gold/gold-supply/gold-mining
You'd never know, but I'd expect towards 20,000 tonnes easily, and probably 30,000 is a reasonable guess. Even with the depredations of those who took what they could to Taiwan, and Mao's funding the revolution, there was still 5,000 years of hoarding as a base to start from. As far as I know China hasn't been selling any of its mining, plus you've going on to a decade plus of private gold ownership by a billion citizens who just love gold to their bones. (here's a thought: let's say 1% of the population has an ounce in the family strong box, that's 10 million ounces which, if the PRC said "be good and give us your gold for the greater good", would add around 300 tonnes to the PRC stockpile - and I don't doubt most citizens would hand over their ounce. .) And then there's all those loans to gold mining/holding nations who've enjoyed the largesse of Chinese lenders, and who've shown they're happy to take ports, railways and gold as repayment media. Gold "on tick" so to speak. The guesses are 338 billionaires and 89,000 millionaires (USD) in China currently. Let's say a gold loving billionaire has a ton or so in gold cutlery and kilo bars etc, and your gold loving millionaires have 100 kilos apiece, and all at the click of a patriotic call to help out "Our Land" (or a simple tax or theft!). Pretty soon you're looking at China at the top of the gold owning nations if there's an IMF gold inspector sent to allocate the new world order SDR units. All joking aside, it's China's century by the looks of it, and there's an admirable and frightening long term strategy in most things China sets as targets, and having lots of accessible gold within its borders has been in its plans for nearly 30 years now. And would YOU believe their answer on tonnage at this point in the games?
06 China 1,926.5 11 Republic of China 423.6 https://en.wikipedia.org/wiki/Gold_reserve China is buying 10 tonnes each and every month ... most of the time
All this talk of China hoarding a colossal stash of Gold reminded me of Looper. Notice whose likeness is on the paper currency. I don't expect China would go gold-backed Yuan any time soon, but eventually, some kind of exchange stabilization mechanism where gold is the ultimate collateral asset?
