SHANGHAI/BEIJING - China revealed on Friday that it had secretly raised its gold reserves by three-quarters since 2003, increasing its holdings to 1,054 tonnes - or a pot worth about US$30.9-billion - and confirming years of speculation it had been buying.
Hu Xiaolian, head of the State Administration of Foreign Exchange, told Xinhua news agency in an interview that the country's reserves had risen by 454 tonnes from 600 tonnes since 2003, when China last adjusted its state gold reserves figure.
The confirmation of its surreptitious stockpiling is likely to fuel market talk about Beijing's ability to buy secretly and its ambitions for spending its nearly US$2-trillion pile of savings. And not just in gold: copper and other metals markets are booming thanks to China's barely-visible hand.
Speculation has gathered speed over the last year, since the tumbling dollar has threatened to weaken China's buying power - and give it yet more reason to diversify into gold, oil and metals.
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The one that holds the gold holds the power - western governments educated the people to believe in "paper" with no backing to the currency other than government promises, the only countries in Europe hold quality reserves are still Switzerland and Cyprus, although technically the Cyprus gold is part of the EEC reserves, but they are clever they hold the gold in Cyprus.
ReplyDeleteThen there is the US where we haven't had an audit of Fort Knox for 50+ years. Gee I wonder why? Could it be that most of it has been carted away by the greedy international bankers at the Fed that control our government? Collateral for our phoney debt?
ReplyDeletethe thing to note here.. if they were so secretively building up gold.. what makes you think they are revealing the correct amt they have?
ReplyDeleteThey may have much much more than what they are revealing.. and by telling us what they choose to tell us, in terms of how much gold they have, all they have shown the world is thhey are very capable to aggresively moving forward, under the radar
Most of us already know, it is a given.
ReplyDeleteWhy would you be called a racist, hater or a bigot? In my opinion its a lot worse not saying his name..
ReplyDeleteI do agree though, Barack Obama is just a puppet being strung along by the fed.
since oct 08 nothing hs changed only take care to preserve your savings, do not worry about interest only about wealth protection. you do need books to lear, simple soltion, Collectables say coins see www.petitioncrown.com gold bullion to insure against goverment continuing printing of money, inflation and land to grow your fresh produce - leep a % in cash as cash is king
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