A couple of field photos here taken on a recent trip to southern China at a branch of CCB (one of China's big four banks). It's just a glimpse of what's available for the man-on-the-street stacker over there. Yes, the items on the shelves are exact replicas for security purposes and doesn't yet include the latest products, but they'll show you the real stuff at the counter when you are actually buying. .. Well, the belief that their government has got giant hoards of the metal is not unfathomable given their current day financial might and ambitions. Just personal views here.
I've heard a Hong Kong ex-pat use an expression: "Born with a golden key in his/her mouth". The meaning of the expression is similar to "Born with a silver spoon in his/her mouth". The idea of being born into inheritable wealth. The implication is that the golden key opens doors (bank vault doors, connections into exclusive clubs etc.) Its the type of gift that the Chinese noveau riche craves as an affirmation of their status.
HK, China [imgz=http://forums.silverstackers.com/uploads/16219_ctf_lc_scb_au_1tael_x_4_-_01.jpg][/imgz] [imgz=http://forums.silverstackers.com/uploads/16219_ctf_lc_scb_au_1tael_x_4_-_02.jpg][/imgz] [imgz=http://forums.silverstackers.com/uploads/16219_lc_au_1tael_x_2.jpg][/imgz]
My guess is they have well over 10,000 tons. They dig gold out of the ground at the rate of over 400 tons a year, and ALL of that is retained. Some of that is costing $2000 an ounce to mine. so i read a while back. They are buying it on the open market at the rate of over 1000 tons a year, and all that for probably the last 5 years at least. They will do that until SHTFD dawns. JMO OC
OC I think so too. China is biggest gold producer and if they are hoarding gold to back it's currency then that can only be a good thing for us PM stackers if less PMs in circulation. Russia is doing same too I think and maybe other Asian nations too.
Correct, if that's the case when the USD is collapsing or there is another GFC, then China, Russia and India could be the next strong economy due to the Gold reserve they have accumulated now ?
I made a bet with a member here that the Chinese yuan will replace the USD as the world reserve currency before end of 2020.
Skyrocket, Yes I'm with you in that case. So far on the 1st October 2016, CNY is now part of the SDR (the 3rd ones beating JPY and GBP). USD domination must come to end for sure in the next decade.