Featured Stories World News Commentary Money Watch Multimedia Prison Planet U.S. News Science And Technology

How China Might Buy More Gold Than America Owns

  • Print The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

Vincent Fernando
The Business Insider
Sunday, Dec 27th, 2009

China has a long way to go before coming anywhere near America’s gold reserves.

Yet apparently it’s on their to-do list and a must, at least according to the country’s China Gold Association.

Commodity Online: In 1981, China had 395 tonnes of gold holdings; it increased to 500.8 tonnes in 2001, and 600 tonnes in 2002. In April 2009, China officially announced that it has increased its gold holdings to 1054 tonnes. Since then, Chinese officials and People’s Bank of China have been meticulously chalking out plans to build up gold reserves in the next one decade.

According to Zhang of the China Gold Association (CGA), India’s decision to buy IMF gold has been the real boost for China’s recent spirited moves to step up gold reserves.

“In view of the declining US dollar value, it is paramount that China steps up gold reserves. How to do this is the only question that China is debating these days. The possible steps include opening up new gold mines, aggressively going for gold mining, buying gold from the open market etc. All said and done, it is imperative that China needs to buy more gold,” Zhang points out.

  • A d v e r t i s e m e n t

Free Republic: “We recommend that China’s gold reserve should reach 6000 tons in 3~5 years, and probably reach as high as 10,000 tons in 8~10 years,” according to Ji Xiaonan on November 28 at the third Chinese Industry Stability Forum. He is the head of the supervisory committee at the state-owned Assets Supervision and Administration Commission.

How China Might Buy More Gold Than America Owns  251109banner

This article was posted: Sunday, December 27, 2009 at 6:17 am





Infowars.com Videos:

Comment on this article

Comments are closed.

Watch the News

FEATURED VIDEOS
The Truth About the Michael Brown Shooting See the rest on the Alex Jones YouTube channel.

Cop: Get a Gun, We Can't Protect You From Ferguson Violence See the rest on the Alex Jones YouTube channel.

© 2013 PrisonPlanet.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.