So says Katchum (katchum.blogspot.ca) in edited excerpts from his original article* entitled China Central Bank Gold Holdings Don’t Match.
[The following is presented by Lorimer Wilson, editor of www.FinancialArticleSummariesToday.com and www.munKNEE.com and may have been edited ([ ]), abridged (…) and/or reformatted (some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. This paragraph must be included in any article re-posting to avoid copyright infringement.]
Katchum goes on to say in further edited excerpts:
China imports gold and also produces gold. This total addition in gold has surged since 2008 (white bars), due to the imports through Hong Kong. China consumes 60% of its gold in jewelry, the other 40% is added to the central bank gold reserves. This implies that we have 2710 tonnes instead of 1054 tonnes. That’s almost 3 times the reported number from the Chinese government.
|China Gold Reserves|
Additionally, the total assets of the Chinese central bank has gone up from 3 trillion to 6 trillion from 2008 till now, which is a doubling of the balance sheet.
Don’t tell me China didn’t buy any gold since 2008! I believe they just want to quietly buy more gold.
[Editor’s Note: The author’s views and conclusions in the above article are unaltered and no personal comments have been included to maintain the integrity of the original post. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.]
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