http://www.zerohedge.com/news/2017-03-29/chinese-gold-miner-claims-discovery-largest-ever-gold-mine By Tyler Durden Created 03/29/2017 - 20:18 Tyler Durden's picture [1] by Tyler Durden [1] Mar 29, 2017 8:18 PM TwitterFacebookReddit[2] [3] Shandong Gold Group, China's second biggest gold producer by output, announced on Tuesday that it has discovered deposits in eastern China containing an estimated 380 tons of gold reserves, which would represent the nation's largest ever gold deposit. According to a Tuesday statement that cited the company on sdchina.com [4], the Xiling mine in Shandong province told local authorities it had found 382.58 tons of gold reserves and that the volume could reach more than 550 tons once exploration is completed in two years. According to local media reports, the Xiling gold seam in eastern China is more than 2,000 meters long and 67 meters wide; operating at full capacity, the mine would have a life of 40 years, according to the statement. The mine is located in the Laizhou-Zhaoyuan region of northwest Jiaodong Peninsula in eastern China's Shandong; the region has the largest gold deposits in the country. The mine is estimated to have the equivalent of 20% of the country's 1,843 tons of gold reserves. China had the fifth largest gold reserves in the world after the United States, Germany, Italy, and France. In July 2015, China ended six years of mystery over how much gold it has, revealing a 57% jump in reserves since 2009 when it last updated the figures. In November that year, China said it discovered another vast deposit of gold beneath the seabed of the East China Sea. At the time, the Chinese media claimed the deposit situated at a depth of 2,000 meters held 470.47 tons of gold. As Bloomberg adds [5], Shandong Gold Mining saw its shares rise as much as 2.8% in Shanghai. The listed unit said Monday that net profit doubled to 1.29 billion yuan ($187 million) last year from a year ago as gold prices rebounded. Chinese gold companies have been stepping up their search for domestic deposits and eyeing acquisitions as the nation seeks to increase reserves by 3,000 tons to as much as 14,000 tons by 2020, the Ministry of Industry and Information Technology said last month. That amount of holdings would propel China into first place globally for official gold reserves.
Are the Chinese actually saying that they want 14,000 tons of gold, or is this zero hedge exageratiing thins like they always do?
You need to read ZH with a grain of salt, there is another article that was posted from ZH today saying China is restricting gold imports to the country. China has 1800 tons of gold reserves so to get to 14,000, that would require 12,000 additional tones, and where would they get 4000 tones of gold per year. Unless China has mountains made out of gold it not be possible. But SDG did release a press release about the find, they didn't mention 14,000 tonnes.
http://www.rt.com/business/382654-china-gold-deposit-reserves/ ZH must have added the last of the idea
If the US has so much gold why doesn't it give the 750 tons it owes to Germany? Another point How much gold do US citizens hold up against the Chinese Citizen??? Regards Errol 43
I read a big portion of Germany gold was just paper Gold claim, they never deposited the gold bars. So there was never any bars of gold. Very much like having unallocated gold bars in Perth Mint. Ie Germany sent a note saying Argentina is forwarding Germany 10 tons of gold certificates for payment Argentina than verified saying there are in deed paying them 10 tons of gold in certificates Hence when German Auditors went to inspect the gold, all they saw was gold certificates, ious and claim and few bars. not a problem, as it is up to Germany to chase up the claims to repaid in Gold.
German shipped their gold bars to London and New York, during the IMF deals etc, so they wanted their gold back. There were never paper to begin with.
Most of the gold is from 1940 to 1960 isn't it? It's not like I keep track of it but that's what I read few years back. Though the stories all centred on the timeline. End of the day does it matter, it's not like there isn't any gold? If US spent it they could just more and give it to them.
