My estimate for China’s official gold reserves reached 5,029 tonnes by the end of June 2023. In the first six months of 2023 the Chinese central bank bought an estimated 414 tonnes. Chinese central bank gold purchases (reported and unreported) in H1 2023 was up 547% from H2 2022, and a driving force for the price of gold.
China started ther acumulation of gold in the 80's. They mine about 500 tonnes a year just counting 20 years would give them 10,000. (Not one ounze leaves the country) Thats not counting Chinas Purchases during the great disinvesting of western countries during the 80's and 90"s of gold. Also the public has great quantities of gold the state could avail itself of. Even the goldman Jim Sinclair says China has 50,000 tonnes.
Your research and data gathering is obviously Superb.
Some time ago, 2-3 years, there was a report out, source now long forgotten, that China had bought 20,000 tons of gold, about the same time as they bought the JPM vault under the $750,000,000 N.Y. city skyscraper, AND the Barclays vault in London. Do you recall that and any of confirming?
Clearly the PBoC are stocking up for something imminently important!
China started ther acumulation of gold in the 80's. They mine about 500 tonnes a year just counting 20 years would give them 10,000. (Not one ounze leaves the country) Thats not counting Chinas Purchases during the great disinvesting of western countries during the 80's and 90"s of gold. Also the public has great quantities of gold the state could avail itself of. Even the goldman Jim Sinclair says China has 50,000 tonnes.
Coming soon Chinese gold revaluation
Sir Jan,
Your research and data gathering is obviously Superb.
Some time ago, 2-3 years, there was a report out, source now long forgotten, that China had bought 20,000 tons of gold, about the same time as they bought the JPM vault under the $750,000,000 N.Y. city skyscraper, AND the Barclays vault in London. Do you recall that and any of confirming?