Welcome to Gold Investor Wednesday, July 24 2024 @ 07:08 am EDT

Chinese gold reserves spike 57%

  • Friday, July 17 2015 @ 09:59 am EDT
  • Views: 5,623
Gold In what is at the very least a stunning move, the Peoples Bank of China (PBOC) has announced that the country's official gold reserves increase by 57% between May and June 2015. Any suggestion that this 604 metric ton increase in gold holdings took place in one month would be preposterous but the Chinese Central Bank had been keeping its monthly gold data fixed since 2009. The Chinese stock markets have been through a tumultuous time with a huge spike and fall within this calendar year. The fact that China would reveal these increased gold holdings could be a sign that they wish to stem some of the eroding confidence that has resulted from their (draconian) financial measures to counter the stock market bubble.

Many gold analysts believe that the Chinese gold holdings are much higher as (unofficially) they have been big buyers of physical gold since the last financial crisis. This updated number of 1,658 tons (53.32 million ounces) is still nothing compared to their $3.69 trillion foreign reserve holdings. When and how the Chinese decide to let the world know about their actual gold holdings, will depend on their own broader geopolitical plans.

The official statement on this increase in gold reserves was released by China's State Administration of Foreign Exchange.

Chinese gold reserves spike 57% | 0 comments | Create New Account

The following comments are owned by whomever posted them. This site is not responsible for what they say.

Gold & silver

User Functions