China to increase gold reserve 3 fold.
I have heard about this before. How true is it?
Here is something I copied from Yahoo TVX thread.
CHINA TO TRIPLE ITS GOLD RESERVES, from the Gold forum.
(Gold1500) Mar 13, 16:28
This will have an explosive impact upon the shiny yellow. If The Sinos
now have a reported 1000 tonnes, and will triple to 3000 tonnes, we are talking an additional 6,300,000 oz must be bought on the free market.
That represents nearly an entire year's world mine production.
No way prices can be surpressed by the Central Banks - as they have been doing in recent years, unless of course they are dumb enough to fork over that amount of gold to the Chinese. 2000 tonnes is near 1/4 of all the gold gold by the US Fed (I believe about 8300 tonnes total).
NO WAY JOSE! Gold prices will smartly rise to reflect unusual demand.
Moreover, if the very astute, cunning, shrewd, clever, calculating,
inscrutable and very tight-fisted Chinese 'SAY' they are to buy 2000
tonnes, you know damn well they really are on the market to snap up
4000-6000 tonnes. It's plain common sense - and good business. |
