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China says has 1,054 tonnes of gold

coynclectercoynclecter Posts: 2,111
in Precious Metals
China says has 1,054 tonnes of gold


This is 450 tons more than they previously reported. China also told the IMF today that it is purchasing gold. I'm sure they would gladly trade TBills for any gold the IMF wants to liquidate. No IMF gold sales will see the market.

Add this to the "stress test" results and we should have a very interesting Friday in the Gold market.

Comments

  • secondrepublicsecondrepublic Posts: 2,619 ✭✭✭
    Very interesting. Clearly, they are looking to diversify their holdings which are mainly in dollars. The only problem for them is they can't do it too fast, otherwise the value of the dollar (and therefore most of their holdings) will tank.
    "Men who had never shown any ability to make or increase fortunes for themselves abounded in brilliant plans for creating and increasing wealth for the country at large." Fiat Money Inflation in France, Andrew Dickson White (1912)
  • gecko109gecko109 Posts: 8,231 ✭


    << <i>Very interesting. Clearly, they are looking to diversify their holdings which are mainly in dollars. The only problem for them is they can't do it too fast, otherwise the value of the dollar (and therefore most of their holdings) will tank. >>




    When China starts dumping dollars, every other major nation thats been hoarding our paper for the past 50 years will do likewise. We are going to see a massive game of hot potato, except it wont be played with a spud. 10% inflation? That would be MILD compared to what could be coming down the pipe folks!
  • mhammermanmhammerman Posts: 3,769 ✭✭✭
    "Clearly, they are looking to diversify their holdings which are mainly in dollars. The only problem for them is they can't do it too fast, otherwise the value of the dollar (and therefore most of their holdings) will tank."

    What's that saying....If you owe me a thousand dollars you are beholden to me but if you owe me 10 million dollars I'm beholden to you.
  • CaptHenwayCaptHenway Posts: 32,232 ✭✭✭✭✭
    See also that while the weight of the gold reserves increased by about 63%, the value of the gold reserves AS A PERCENTAGE OF THEIR TOTAL RESERVES actually fell.

    They've got all the money in the world, folks. THey just keep a certain rough percentage of it in gold.

    TD
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • jmski52jmski52 Posts: 22,899 ✭✭✭✭✭
    So, is this a net sale of US gold to China via IMF? Wasn't the US the largest contributor of gold to IMF when it was formed?
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    Darn, all those central banks badmouthing a barbarous relic all these years while they were selling it. And here is China secretly stocking up. The question is, how much do they really have and how much have we given away??

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • cohodkcohodk Posts: 19,187 ✭✭✭✭✭


    << <i>

    << <i>Very interesting. Clearly, they are looking to diversify their holdings which are mainly in dollars. The only problem for them is they can't do it too fast, otherwise the value of the dollar (and therefore most of their holdings) will tank. >>




    When China starts dumping dollars, every other major nation thats been hoarding our paper for the past 50 years will do likewise. We are going to see a massive game of hot potato, except it wont be played with a spud. 10% inflation? That would be MILD compared to what could be coming down the pipe folks! >>



    So China will replace dollars with what? Rubles, Euros, chickens?
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • coynclectercoynclecter Posts: 2,111
    China doesn't need to buy old gold, they will be buying the mines instead and keeping the gold.


    Sale of Australian gold mine to China
  • fcfc Posts: 12,793 ✭✭✭
    it seems obvious to me as china's economy grows so would their
    gold reserves. they do have most of the population on the planet
    and everything seems quite natural to me.

    what would be shocking news is if it did not grow!
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    The shocking news would be if the US, UK and other western nations were the ones selling it to them in their quests to manage orderly decent of fiat currencies. The CB gold flows are in a purely one way direction.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • sonde79sonde79 Posts: 94
    that's a lot of pandas. image
    Canadian Gold Coin Auctions | World Gold Coin Auctions
  • KareemofwheatKareemofwheat Posts: 200


    << <i>

    << <i>

    << <i>Very interesting. Clearly, they are looking to diversify their holdings which are mainly in dollars. The only problem for them is they can't do it too fast, otherwise the value of the dollar (and therefore most of their holdings) will tank. >>




    When China starts dumping dollars, every other major nation thats been hoarding our paper for the past 50 years will do likewise. We are going to see a massive game of hot potato, except it wont be played with a spud. 10% inflation? That would be MILD compared to what could be coming down the pipe folks! >>



    So China will replace dollars with what? Rubles, Euros, chickens? >>




    No. Lead
  • mrearlygoldmrearlygold Posts: 17,858 ✭✭✭


    << <i>The shocking news would be if the US, UK and other western nations were the ones selling it to them in their quests to manage orderly decent of fiat currencies. The CB gold flows are in a purely one way direction.

    roadrunner >>



    Actually that would not be shocking at all

    Coin's for sale/trade.


    Tom Pilitowski
    US Rare Coin Investments
    800-624-1870

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