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ZH: China Imports More Gold In 2012 Than All ECB Holdings

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  • ZH: China Imports More Gold In 2012 Than All ECB Holdings

    I know it is fun to poke at Zero Hedge, but this is one of the better ones from there... Will China prove Jim rickards right?

    it is now safe to say that in 2012 alone China has imported more gold than the ECB's entire official 502.1 tons of holdings.


    Luckily, those who keep track of the newsflow have some idea.

    As an even more important reminder, in December 2009, the China Youth Daily quoted State Council advisor Ji as saying that a team of experts from Beijing and Shanghai have set up a "task force" last year to consider growing China's gold reserves. "We suggested that China's gold reserves should reach 6,000 tons in the next 3-5 years and perhaps 10,000 tons in 8-10 years," the paper quoted him. Has China managed to accumulated 6,000 tons yet? We won't know for sure until the official disclosure which will come when China is ready and not a moment earlier, but at the current run-rate of accumulation which is just shy of 1,000 tons per year, it is certainly within the realm of possibilities that China is now the second largest holder of gold in the world, surpassing Germany's 3,395 tons and second only to the US.


  • #2
    Re: ZH: China Imports More Gold In 2012 Than All ECB Holdings

    Over the past few years, I've often wondered if there are people at the Federal Reserve or Treasury who realize we're screwed (I can't see how anyone in those positions can't see that we're ruined) and have got agents secretly buying gold to bolster our bullion reserves. So far, though, for all the talk about how the U.S. has historically always acted in its own interests, it looks like the powers-that-be are going to stubbornly go down with the [fiat] ship.

    It would certainly be a nice surprise to find out that Treasury and the Fed have been printing money to buy gold through covert channels.