It’s amazing that no one is talking about this.
“China’s demand is robust” they’ll say. “China may overtake India as the top gold consumer” they’ll add. “Exports rise year over year” the chatter continues.
But no one, and I mean no one, in the mainstream is calling a spade a spade. China is hoarding gold at a rate never seen before – like modern day conquistadors. Only today, unlike in the time of the conquistadors, the blood trail is tough to follow, as are the shipfuls of gold.
It’s an egregious rake, though. And while the mainstream media fails to cover this huge story, we’ll do our best to figure out just how much gold China is holding…
It all comes down to a little Chinese math.
Remember, the last “official” announcement detailing China’s gold holdings was in 2009 – ringing in a total of 1,054 tonnes. Compared to their previous official holding, announced six years prior, the new total represented a dramatic 75% increase in Chinese gold holdings.
Much time has passed since the latest official announcement – and China’s gold holdings have surely risen higher. Indeed, a year ago, when we touched base on this topic, we ascertained that China was likely holding 3,300 tonnes of gold – that’s about three times the current “official” holdings.
Read More at The Daily Reckoning . By Matt Insley.