China Is Quietly Becoming Gold Superpower
Posted By Washingtons Blog On November 5, 2012 @ 5:00 am In Gold & Precious Metals | Comments Disabled
World’s Top Gold Producer Holding Onto All of Its Gold
While Western central banks have frittered away their gold [1], China is quietly building up its reserves.
China is the world’s largest gold producer [2].
And yet – according to various sources – gold bullion brokers have not seen any gold coming from China [3].
In other words, China is producing more gold than any other country, but isn’t exporting any of it.
As such, China is quietly becoming a gold superpower.
Note: China has a habit of being quiet for several years at a time, and then announcing big increases in gold holdings. So quoting old numbers will only mean that one is caught flat-footed as to China’s current holdings.
Article printed from The Big Picture: http://www.ritholtz.com/blog
URL to article: http://www.ritholtz.com/blog/2012/11/china-is-quietly-becoming-gold-superpower/
URLs in this post:
[1] frittered away their gold: http://www.washingtonsblog.com/2012/11/the-emperor-has-no-gold.html
[2] world’s largest gold producer: http://www.bloomberg.com/news/2012-04-05/top-10-gold-producing-countries-in-2011-table-.html
[3] not seen any gold coming from China: http://screwtapefiles.blogspot.co.uk/2012/10/database-confirms-max-keiser-guest.html#more
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