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The Hoarding Continues: China Has Imported More Gold In Six Months Than Portugal’s Entire Gold Reserve

Posted By admin On August 16, 2012 @ 2:52 am In Money Watch | Comments Disabled

Zero Hedge [1]
Aug 16, 2012

While the highly “sophisticated” traders that make up the gold market continue to buy or sell the precious metal based on whether the Fed will or will not do the NEW QE tomorrow (or just because, like Bruno Iskil, they have a massive balance sheet, and can create margin position out of thin air with impunity), China continues to do one thing. Buy. Because while earlier today we were wondering (rhetorically, of course) what China is doing with all that excess trade surplus if it is not recycling it back into Treasurys, now we once again find out that instead of purchasing US paper, Beijing continues to buy non-US gold, in the form of 68 tons in imports from Hong Kong in the month of June. The year to date total (6 months)? 383 tons. In other words, in half a year China, whose official total tally is still a massively underrepresented 1054 tons, has imported more gold than the official gold reserves of Portugal, Venezuela, Saudi Arabia, the UK, and so on, and whose YTD imports alone make it the 14th largest holder of gold in the world. Realistically, by now China, which hasn’t provided an honest gold reserve holdings update to the IMF in years, most certainly has more gold than the IMF, and its 2814 tons, itself. Of course, the moment the PBOC does announce its official updated gold stash, a gold price in the mid-$1000 range will be a long gone memory.

The Hoarding Continues: China Has Imported More Gold In Six Months Than Portugals Entire Gold Reserve China%20Gold%20June%20Imports 0 [2]

Here is the latest breakdown of gold reserves by Top 20 countries via the WGC:

The Hoarding Continues: China Has Imported More Gold In Six Months Than Portugals Entire Gold Reserve August%20WGC 0 [3]

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URLs in this post:

[1] Zero Hedge: http://www.zerohedge.com/news/hoarding-continues-china-has-imported-more-gold-six-months-portugals-entire-gold-reserves

[2] Image: http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2012/08/China%20Gold%20June%20Imports.jpg

[3] Image: http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2012/08/August%20WGC.jpg

[4] The Hoarding Continues: China Purchases A Record 100 Tons Of Gold In April From Hong Kong: http://www.prisonplanet.com/the-hoarding-continues-china-purchases-a-record-100-tons-of-gold-in-april-from-hong-kong.html

[5] Is China Hoarding Gold In Anticipation Of A Global Financial Implosion? 10 Facts About Gold Fever In China That May Surprise You: http://www.prisonplanet.com/is-china-hoarding-gold-in-anticipation-of-a-global-financial-implosion-10-facts-about-gold-fever-in-china-that-may-surprise-you.html

[6] Petrogold: Are Russia And China Hoarding Gold Because They Plan To Kill The Petrodollar?: http://www.prisonplanet.com/petrogold-are-russia-and-china-hoarding-gold-because-they-plan-to-kill-the-petrodollar.html

[7] “Uncivilized” China Quietly Building Gold Reserves As Gold Imports From HK Soar By 587% In First Quarter: http://www.prisonplanet.com/uncivilized-china-quietly-building-gold-reserves-as-gold-imports-from-hk-soar-by-587-in-first-quarter.html

[8] Chinese Gold Imports Surge In September, YTD Total Surpasses Official Indian Holdings: http://www.prisonplanet.com/chinese-gold-imports-surge-in-september-ytd-total-surpasses-official-indian-holdings.html

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