March 20, 2009

China to Boost Gold Reserves

The Beijing Ministry of Industry and Information Technology says consolidation is desired in the gold producing businesses, perhaps as part of the overall "reinvigoration" of China's economic sectors. The goal is add up to 800 tons of gold reserves and increase production further. China surpassed South Africa as the world's biggest gold producer in 2007. Unknown is whether the increased production will be added to China's official gold reserve holdings currently 9th largest in the world although only a small fraction of the gold held by Europe and the USA...


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