China News

[silverstacker]

Read this news today that caught my eye:



"As of the end of June 2015, China’s official gold reserves were 53.32 million ounces (1,658.48 tonnes), the People’s Bank of China announced. This is an increase of 604 tonnes since the last time the central bank updated"

That's a lot of Gold!

Brian

[highroller4321]

Read this news today that caught my eye:



"As of the end of June 2015, China’s official gold reserves were 53.32 million ounces (1,658.48 tonnes), the People’s Bank of China announced. This is an increase of 604 tonnes since the last time the central bank updated"

That's a lot of Gold!

Brian

I would bet money they didn't announce their full reserves.

[TwoAndAHalfCents]

I read a piece today that suggests that the China news about their gold reserves is the cause for the latest drop in the price of gold. Here's the best part:

As for the large seller on Comex, Brien Lundin, editor of Gold Newsletter, said that if that was related to the China news, “it’s only by way of taking advantage of a perceived news event to attack the market.”

“No one dumps that much of a commodity that quickly to get the best price,” he said. “Their intended purpose is purely to drive the price down. It’s outright manipulation that wouldn’t be allowed in any other market.”

http://www.marketwatch.com/story/gold-hovering-near-8-month-low-2015-07-17?dist=afterbell

[68Camaro]

China clearly needed to announce a new number and it needed to be high enough to match minimum expectations, but I don't for a second believe that 600 ton increase is the full extent of their reserves. They can play word games as to what are official reserves but if you do the math they have at least 6000 tons if not more.

[sparechange]

Maybe they dropped a place on the abacus.

[neilgin1]

Read this news today that caught my eye:



"As of the end of June 2015, China’s official gold reserves were 53.32 million ounces (1,658.48 tonnes), the People’s Bank of China announced. This is an increase of 604 tonnes since the last time the central bank updated"

That's a lot of Gold!

Brian

I would bet money they didn't announce their full reserves.

the PRC is lying, their gold reserves are somewhere between 15 to 20,000 metric tonnes, AND they have been steadily and very quietly divesting themselves of their US Bond holdings......for context, ex-Congressman Ron Paul for years, demanded an audit of our gold holdings, which were in the 8,000 plus metric tonne range, he was never able to force an audit.