April 24, 2009


After weeks of speculation, it's official: China gold reserves increased and China now holds more gold than Switzerland. The US, Germany, France, and Italy still hold far more gold but the acknowledgement by the head of the aptly named SAFE (State Administration of Foreign Exchange) lead many to believe that Beijing may soon buy gold. The last reported figure for China's gold reserves was in December 2002 at approximately 600 tons. The new figure is 1,054 tons of gold and Beijing says the increase came from domestic sources. China is the leading gold producer in the world and could easily increase its gold reserves from its own mines. The planned sale of IMF gold however could proved tempting.
Meanwhile gold price rose today to a 3 week high...

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